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Chapter 13: condos and co-ops.(real estate investments )
- Article from:
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Making Money in Real Estate
- Article date:
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January 1, 2000
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Copyright informationCOPYRIGHT 2000 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"Property has its duties as well as its rights."--THOMAS DRUMMOND (1797-1840), SCOTTISH ENGINEER AND STATESMAN
THE LEGAL CONCEPT BEHIND CONDOMINIUM OWNERship goes back to apartment buildings in the Roman Empire. But the idea didn't catch on in modern America until after 1961, when legislation was enacted at the federal level that defined and permitted condominium ownership throughout the country. Once condos got going, however, the concept took hold like wildflowers in the woods. Today every state has its own condominium legislation and "everyone, everywhere" knows about condos.
Or do they? Shared-space ownership is more complex than any other fee-simple estate (see ...