Condominium
Developments
The condominium is a system
of ownership, whereby a unit is owned separately by the individual who
purchases it, while the common elements, such as hallway elevators, are
owned in common by all the unit owners.
Condominium concept is not only restricted to high
rise buildings, but is also applicable to wide variety of residential
and commercial developments, which are now available to the buying
public.
The
declaration and description are the basic documents which create the
condominium corporation, when they are registered on title by the owner
of the freehold or leasehold estate in the land described in the
description. The declaration is mainly a written constitution of the
corporation, while the description consists of series of white print
plans, depicting the land buildings, boundaries etc., as required by the
governing legislation.
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