What is a condominium? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A multi-unit property structure, where individual units are owned in fee simple by different individual owners, while the common areas are jointly owned. Generally, each individual condo unit owner is free to sell or encumber his own unit. A condominium is virtually always regarded as a real property. Some benefits of this type of real property ownership structure include: common restrictions help each of the units to maintain and even enhance their values, and achieve potential maintenance efficiencies due to the economies of large scale. Residential condominium is a popular type of real estate in many large US cities. The word condominium can trace its roots to the Latin language, and has the meaning shared property. Some of the possible drawbacks of condo ownership, may include: higher incidents of Zoning violations caused by the lack of synchronization among the different owners, condo mismanagement (especially, in large condominium structures -- may function more of a giant bureaucracy rather than a mechanism to achieve economies of scale), failure for neighbors to get along could be a recipe for a toxic work environment, the right of first refusal is absent and/or diminished when dealing with new potential buyers and/or tenants.

 

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