What Is A Condominium Agreement

Indeed, condominiums are a common form of housing in Hungarian cities, where the privatization of public or communal housing took place mainly in the 1990s. In a complex of townhouses, several physical houses are grouped into a single architectural building. Each owner of the unit has identified land and the building there, but this building is physically part of a larger building that spans a lot. There is a continuous roof and foundations and a single wall divides the adjacent townhouses. If there is an apartment downstairs is not owned by the owner of the townhouse, then it is not a townhouse, just a two-story apartment/condo. Legally, it is very similar to detached houses, but due to the interpenetration of interests in the architectural building alone, an association of owners is needed. It would not be practical, for example, to replace the roof of an urban house. But unlike the condominium, the HOA of the townhouse complex does not own the building or the land it has between it. It is essentially under contract with the owners of townhouses to get parts of the building that are difficult to divide. Similarly, the walls between the city houses are usually outside the HOA`s jurisdiction, which are jointly managed and maintained by the owners of the townhouses on both sides.

Like condominiums, the city complex often has common areas for streets, car parks, clubs and others. In India, condominiums are referred to as “apartments” or “Apartment Buildings/Complexes” or “Societies” or “Flats”. Each building consists of several floors and apartments/housing units with different configurations. The most common configurations are “1-BHK,” “2-BHK” and “3-BHK” (BHK is synonymous with bedroom-room kitchen). In Germany, condominiums are known as “co-ownership” and the most important law concerning condominiums is the German Condominium Act (WEG). It is the basis of all the legal provisions concerning individual property rights, rights, the obligations of landlord associations and the management of housing. The act dates back to 1951, but was passed in 2007. Today, owners are invested with partial legal force, which means that the association of owners represents an institution with rights and obligations that may include contracts. The right of ownership is divided, in the first article of the Housing Act, between property, property, partial property and common property.