Nevada Revised Statutes 116.027 – ‘Condominium’ defined
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‘Condominium’ means a common-interest community in which portions of the real estate are designated for separate ownership and the remainder of the real estate is designated for common ownership solely by the owners of those portions. A common-interest community is not a condominium unless the undivided interests in the common elements are vested in the units’ owners.
Terms Used In Nevada Revised Statutes 116.027
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.