The condominium, a newly popular but relatively old' concept in real property law, is defined basically as an apartment project involving individual fee ownership of a family unit in a multi-unit structure or structures. To complete the ownership picture, the individual fee owners are also tenants in common, with undivided interests, in the land on which the structure is built, and in other parts of the structure which are not part of an individual unit. Due to the anticipated popularity of this unconventional real estate ownership,state legislation has blossomed in the past four years, and today, all but a few states have adopted some sort of condominium statute. The act may be called a Horizontal Property Act, Apartment Ownership Act, or Unit Property Act; but its essential purposes are to define the condominium concept and to provide for the execution and public filing of a declaration of association and by-laws, the guiding instruments for operating the project. These instruments provide rules that must be followed to insure the success of co-operative living.
Ira E. Parker, III,
Right of First Refusal--Homogeniety in the Condominium,
18 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol18/iss4/8