Condominium is very different from other types of property. A residential condominium includes apartments, single-detached, semi-detached and row houses.
Building sites, subdivisions and mobile home parks also fall into the class condominiums. The key elements of the condominium are residential units and common elements. If you are looking for residential condominiums in Miami, then you can pop over to this website.
Common elements generally include driveways, walkways, lawns and gardens, elevators, lobbies, parking area, storage areas, laundry room, stairs, plumbing, electrical systems and part of the walls, ceiling, floor, and other items.
Ownership of common elements is usually distributed among the unit owners in accordance with the size of their unit.
An exact description of the common elements, and what you own as a part of your unit, may change from development to development, but the documents you received when you purchased your unit will declare this clearly.
Some owners of the units may have exclusive rights to some common elements. A common example is called limited common elements including parking spaces, storage lockers, roof gardens, balconies, terraces, and the front and back yard.
Residential condos come up in both urban and suburban areas. Urban condos usually take the following forms:
1) A high-rise apartment building.
2) A 3-5 storey new building mid-rise.
3) An old building converted from rental apartments.
4) A building in which the owner of the unit has a street-level floor, which is leased to retailers to help offset the fees of maintenance of residential condos in the rest of the building.