General Condominium Term Definitions

These are some basic terms used in the condominium industry and their basic definitions

Acceleration Clause

By-Laws                                                        

Common Elements

Common Facilities

Condominium

Condominium Association

Conveyance/Deed

Escrow

Fee Simple Title

Governing Documents

Lien

Limited Common Elements

Association may demand that owner, upon certain conditions stated in the governing documents; remit all maintenance due for the remainder of the year, immediately.

The rules adopted by a corporation or other organization for its own operations and government, subservient to the Master-Deed

That part of a property which is not specifically part of a condominium unit.  Common Elements are more specifically defined and described in the Master-Deed of a Condominium.

All those facilities on the property which are there or have been built for the use and benefit of all the owners of the condominium (pool, tennis courts, gyms, parking lots).                   

A building or buildings which have apartments where separate people own the apartment but share the ownership of the building, land and other facilities.

A not-for-profit corporation formed to manage and operate the condominium.

An instrument by which TITLE to property is transferred; a deed.

The giving of consideration to a third party until the happening of some event.      

The absolute ownership of real estate without restrictions or limitation on how the owner may sell the real estate.

Master-Deed, Article of Incorporation, By-Laws.

The right to take and hold or sell the property.  A LIEN is a right established by law.

At some association, parts of the structure are used exclusively by owners but are still owned by the association, for example: driveways, balconies, roofs, backyards, etc. Limited refers to the use by the resident.