Air space refers to the portion of real estate located above ground level. Owners of property with vertical structures often have rights to the air space above their tangible property, up to a certain elevation regulated either by local laws or agreements.
Common areas are portions of a property that are accessible and used by all owners or tenants. They play a crucial role in the overall functionality and value of residential, commercial, and mixed-use properties.
A Community Association is an organization of property owners dedicated to managing common interests and elements within a residential community, such as condominiums or subdivisions.
A condominium, often shortened to condo, refers to a private residential unit within a complex or building of multiple units. While individual condo units are separately owned, common areas are jointly owned by all condo owners.
Condo fees, also known as maintenance fees, are regular payments made by condominium residents to cover the upkeep and maintenance of common areas and facilities within the condominium complex.
A condominium is a type of residential property where individuals own individual units but share ownership of common areas and facilities.
A condotel is a type of property that combines elements of both condominiums and hotels. Individual units within the property are sold to individual owners who can use the property when they choose and participate in a rental program when they are not using it.
A cooperative, or co-op, is a type of corporate ownership of real property where stockholders of the corporation are entitled to use certain dwelling units or other spaces. Special income tax laws allow tenant stockholders to deduct their share of interest and property taxes paid by the corporation.
De Minimis Planned Unit Development (PUD) refers to a type of PUD where the common area characteristics have a minimal effect on the overall property value. These developments contain limited shared spaces and amenities.
In real estate, a 'Declaration' refers to formal pleadings by a plaintiff as to the facts and circumstances that gave rise to his cause of action. Additionally, it is a legal document used to create a condominium, including vital details about individual units and common elements.
A Homeowners' Association (HOA) is an organization created by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision. Most HOA structures include a volunteer board of directors elected by the members.
A presale involves selling properties that are yet to be constructed, such as condominiums. It allows developers to secure financing and gauge market demand before actual construction begins.
A third party is an individual or entity that is not directly involved in a transaction or contract but may still be involved or affected by it. Third parties serve different roles in real estate transactions, such as tenants, escrow agents, or other relevant stakeholders.
