Condos form of the real estate business
Real estate is one of the world leading businesses, which is much popular among the landlords and other wealthy men. It is a business of property, purchase, sale, construction, and rentals. Condo or the condominium is a form of the real estate business in which a part of the property is sold to a single owner, while the common property is owned jointly by all the owners. In this way everyone is owner of his own share while the basic unit is owned by jointly by everyone in this way providing access to common facilities to all people. This form of real estate has been seen in both the commercial and non-commercial users.
The non commercial users are the residents of the multi-unit dwellings, in which the instead of paying rents the individual owns an apartment. While the whole building is owned jointly and maintained either jointly or by some authority or trust made by the owners. In this manner access to all the elevators, heating and cooling systems, hallways and exterior lawns and recreational areas etc are provided to all the residents. All the owners have to follow certain by laws that include some laws related to noise control. These residential condos are of two major types. The ‘detached condos’ and the ‘site condos’ In detached condos the owners have powers only in their interior but they do not exercise any control on the exterior while the owners of ‘site condos’ have control over the exteriors as well.
Nowadays a Condo Insurance business has assumed special importance. There are three kinds of insurances, an outdoor insurance in which the insurance company pays for any damage to the exterior of the property, an interior insurance in which the company pays if any damage occurs to the indoor of the house like your carpets furniture and electric circuits. The third insurance is the mixed insurance in which the company pays for any damage that occurs indoor or outdoor.
In commercial property condominium ownership is seen in many shops, offices, and hotel rooms. This kind of ownership gives a lot of legal benefits to its users including less tax. And they can also enjoy quality business at an appropriate location.
The laws are different in different states of the world and different names are given to such properties throughout the world. Condo is the term that is most prevalent in the United States and Canada. In Australia they are known as Community title schemes.
Living in a Condo provides a lot of benefits to the users. The living units are although small but well maintained and there a lot of facilities that can be enjoyed on the reasonable prices. People who have started a new family or have a small family, benefit a lot from them and enjoy comfortable living. They have to pay less tax and thus it becomes affordable for white collared people. Also living in a condo helps to develop a community spirit in the people. Living together increases love and patience for each other.
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Article Source: Messaggiamo.Com
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