Encyclopedia > Condominium

  Article Content


In international law, a condominium is a territory in which two sovereign powers have equal rights. Although a condominium has always been recognized as a theoretical possibility, condominiums have been rare in practice. Vanuatu was once a French-British condominium (see New Hebrides), and under French law Andorra was once considered to be a French-Spanish condominium, although it is more commonly classed as a co-principality[?]. The biggest difficulty with condominiums/condominia is solving disputes between the two sovereign powers, and ensuring co-operation between them; which is one reason why so few have existed in practice.

A condominium is a legal term used in the USA and Canada for a type of joint ownership of a unit in a multi-unit dwelling (i.e., an apartment[?] or a development) that has its own official title of ownership in which there are common parts of ownership that are distinct from the ownership of each element. The same concept is also used in other countries with different names, such as "unit title" or "commonhold". Another variation of this concept is the "time share". Condominiums may be found in both civil law and common law] legal systems as it is purely a creation of statute.

An alternative form of ownership popular in the United States in common law jurisdictions is the "cooperative" corporation, also known as "company share", in which the building has an associated legal company and ownership of shares gives the right to a lease[?] for residence of a unit. Another form is leasehold[?] or ground rent[?] in which a single landlord retains ownership of the land on which the building is constructed in which the lease renews in perpetuity or over a very long term such as in a civil law emphyteutic lease[?]. Another form of civil law joint property ownership is undivided co-ownership[?] where the owners own a percentage of the entire property but have exclusive possession of a specific part of the property and joint possession of other parts of the property; distinguished from joint tenancy with right of survivorship[?] or a tenancy in common[?] of common law.

All Wikipedia text is available under the terms of the GNU Free Documentation License

  Search Encyclopedia

Search over one million articles, find something about almost anything!
  Featured Article
David McReynolds

... After years of internal problems, the SPA suffered a three-way split in 1973. The SPA was renamed the Social Democrats USA by the right-wing leadership ...

This page was created in 25.2 ms