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In 2006, Mike Deluca, a resident and former board member at the Galaxy Tower, started a website, Galaxyfacts, after he came to feel that he had been denied the opportunity to voice his concerns at Galaxy Towers Condo Association (GTCA) board meetings regarding what he felt were the questionable backgrounds of partners in the company doing proposed renovations to the Towers.
Membership in a condo is obtained by buying the shares on the open market, most often through a real estate agent. No board approval is needed to buy shares, but in some cases other stockholders or the housing cooperative itself has the right to claim the stocks being sold. There is usually no requirement for the owner(s) to live in the condo.
A rental agreement may provide for the renter or lessee to become the owner of the asset at the end of the rental period, usually at the renter's option on payment of a nominal fee. Such arrangements may be known as Rent-to-own, a term used in the United States for rental of furniture or appliances. The term is also used in the US for real ...
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Also, later in a building's life after conversion, major new investments required to repair or replace building systems can be raised by a new central mortgage in a cooperative, while in a condominium funds could only be raised by onerous assessments being required of each individual unit owner. However, New York's condominium law was amended ...
Madrid: Listings without private entrances are banned. [17] Palma de Mallorca: Home-sharing sites are banned to contain tourism. [18] Paris: Hosts can rent their homes for no more than 120 days a year [19] and must register their listing with the town hall. [20] Rome: Short-term rental sites are required to withhold a 21% rental income tax. [21]
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