| Condominium Survey |
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A condominium, or condo, is a form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the tenant "owns" as opposed to rents. A condominium is a collection of individual home units along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the drywall surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group–-it may not have ownership itself. In order to create a condominium the land and individual units are surveyed much like lots in a subdivision. A condominium plan is created and filed with the master deed and individual unit deeds. This plan will depict the dimensions of the units as well as the interior and exterior common area along with the parcel boundaries. Newly constructed condominiums as well as existing multi-unit buildings being converted to condominiums must go through the condominium survey process during their creation. PSI has performed many condominium surveys, new construction and conversions. To learn more about condomium surveys or to request an estimate for your condo survey please visit our estimates page. |
