Condominium: Difference between revisions

Revision as of 05:10, 4 March 2007

Revision as of 17:29, 13 March 2007

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An alternative form of ownership, popular in the United States but found also in other [[common law]] jurisdictions, is the "[[housing cooperative|cooperative]]" corporation, also known as "company share" or "co-op", in which the building has an associated legal [[corporation|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.

The first condominium law passed in the United States was passed by the [[Commonwealth of Puerto Rico]] in 1958. Common law tradition holds that real property ownership must involve land, whereas the French civil law tradition recognized condominium ownership as early as the 1804 [[Napoleonic Code]]; thus, it is notable that condominiums evolved in the United States via a [[Caribbean]] government with a hybrid common-civil legal system. SectionIn 2341960, ofthe first condominium in the 1961United [[NationalStates Housingwas Act]]built allowedin theSalt [[FederalLake HousingCity, Administration]]Utah. toInitially insuredesigned mortgagesas ona condominiumsCo-op, whichthe ledUtah Condominium Act of 1960 made it possible for "Graystone Manor" (2730 S 1200 East) to be built as a vastcondominium. increaseThe inlegal counsel for the capitalproject, availableKeith forB. condominiumsRomney andis toalso condominiumcredited lawswith authoring the Utah Condominium act of 1960. Romney also played an advisory role in the creation of condominium legislation with every stateother bylegislature 1969in the U.S. Americans'Business firstWeek tastehailed Romney as the "Father of condominiumCondominiums". lifeHe camesoon notafter fromformed itsa largestpartnership citieswith butDon fromW. southPihl Floridacalled "Keith Romney Associates", wherewhich developerswas hadwidely firstrecognized importedthroughout the 1970's as America's preeminent condominium conceptconsulting fromfirm. [[PuertoConsult Rico]]the and"Condominium usedDevelopment itGuide" to(published sellby Warren, Gorham & Lamont)for more details on the thousandsorigin of inexpensiveCondo's apartmentsin tothe retireesUSA. arrivingAlthough often mistakenly credited with equitycoining earnedthe fromterm "Condominium", Romney has always been quick to point out that the urbanterm Northhails back to Roman times, and that he merely borrowed it.

Section 234 of the 1961 [[National Housing Act]] allowed the [[Federal Housing Administration]] to insure mortgages on condominiums, which led to a vast increase in the capital available for condominiums and to condominium laws in every state by 1969. Americans' first taste of condominium life came not from its largest cities but from south Florida, where developers had first imported the condominium concept from [[Puerto Rico]] and used it to sell thousands of inexpensive apartments to retirees arriving with equity earned from the urban North.

==Canada - Ontario==