condominium

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condominium

Politics
1. joint rule or sovereignty
2. a country ruled by two or more foreign powers

Condominium

An apartment house, office building or other multiple-unit complex; the units are individually owned, and there is joint ownership of common elements such as hallways, elevators, and all mechanical systems.

Condominium

 

according to states’ law, a joint ownership, that is, joint sovereignty over a territory by two or more states. Historically, the condominium was established to eliminate conflicts between states laying claim to one and the same territory. For instance, according to an act of the Congress of Vienna of 1814–15 and of a special treaty in 1816, a condominium was established over Moresnet, since Prussia and Belgium could not agree on the frontier of this borderland between them. Andorra and several islands in the Bidassoa River are condominiums of France and Spain. A condominium may also be established over expanses of water (for example, the condominium over the Gulf of Fonseca and the Gulf of San Juan).

A condominium should be distinguished from a coimperium —a joint rule over an alien territory (for example, the joint rule of Great Britain, France, and Spain over Tangier in the 20th century).

condominium

A form of real estate ownership of a multifamily residential dwelling. Each occupant has 100% ownership of his own apartment and partial ownership of common elements such as hallways, elevators, plumbing, etc. Also see cooperative.
References in periodicals archive ?
The Boulevard Park three-storey condo is scheduled to open next May.
The StreetEasy Condo Price Forecast predicts flat prices from May to June.
One of the tendencies [of condo owners] is not to raise charges and not look ahead," Luxemberg said.
The average price of condos put up for sale in the metropolitan area in June was 41.
Despite the fact that the relative pricing pendulum has shifted dramatically in favor of renting in Las Vegas, single-family and condo development is only accelerating.
Buyers seemed to be in no rush to close on properties in January, with condos lingering on the market for a full 19 days longer than December.
In 2006, the Council of New York Cooperatives & Condominiums found that common condo fees were about 45 to 55 percent of what co-op owners were paying in maintenance.
But Beth Steckler, policy director of Livable Places, said condo conversions don't increase the supply of housing and therefore don't really help the city's housing affordability problem.
The analyst brushed aside as unfounded anxiety that a condo oversupply will cause condo prices to fall broadly.
InsurEye said it started the condo review platform, CondoEssentials.
Delta Associates' report on the Baltimore metro areas condo market in the fourth quarter of 2017 found resales outpacing transactions for new units.
Ontario is moving forward to better protect condo owners and residents by increasing consumer protections in Ontario's condo communities.