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69-535: The tower in River East Center, containing 620 condominium units, stands at 644 feet (196 m) with 58 floors, and was completed in 2001. The building, designed by DeStefano + Partners, originally called for spires atop of the roof on all sides that would have significantly raised the official height to 680 feet. As it stands today, River East Center is the third tallest all-residential building in Chicago. The building

138-561: A strata , and in Quebec , where they are referred to as syndicates of co-ownership . The townhouse complex of Brentwood Village in Edmonton , Alberta , was the first condominium development in Canada (registered in 1967). With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in

207-488: A (single family) house. However, shares are not considered as real estate but as personal property and the co-op can take possession of the apartment for a term time and evict the tenant or owner because of disturbance or unpaid maintenance fees. Finnish housing cooperatives are incorporated as (non-profit) limited-liability companies ( Finnish : asunto- osakeyhtiö , Swedish : bostadsaktiebolag ), where one share usually represents one square meter (sometimes ten) of

276-530: A British minister rejected the offer of U.S. Presidents James K. Polk and John Tyler to settle the boundary at the 49th parallel north , American expansionists called for the annexation of the entire region up to Parallel 54°40′ north , the southern limit of Russian America as established by parallel treaties between the Russian Empire and the United States (1824) and Britain (1825). However, after

345-554: A building to be classified as "Flats" is four, with a requirement for having at least one elevator or lift for buildings upwards of four floors. Almost all have a separate room called the "Drawing Room", used for guest entertainment purposes. However, its use as a TV room and dining room is common. Another unique feature is the balcony or "terrace", which is standard for all flats. In the Philippines, condominiums are classified into three types: low-rise, mid-rise, and high-rise. Condos have

414-542: A complex of residences, such as an apartment building, and a condominium is purely legal. There is no way to differentiate a condominium from any other residential building simply by looking at it or visiting it. What defines a condominium is the form of ownership. A building developed as a condominium (and sold in individual units to different owners ) could actually be built at another location as (for example) an apartment building (the developers would retain ownership and rent individual units to different tenants ). Where

483-433: A condominium is a collection of individual units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known in the United States as a Declaration, filed on record with the local governing authority. These boundaries may extend to

552-401: A condominium is in essence an apartment building, as a practical matter, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets. They are typically slightly larger than apartments and are often constructed in a townhouse style in regions where single-family detached homes are common. Technically,

621-470: A few censuses metropolitan areas according to Statistics Canada . Condominiums exist in most parts of Canada, though they are more common in larger cities. They are regulated under provincial or territorial legislation, and specific legal details vary from jurisdiction to jurisdiction. In most parts of Canada, they are referred to as condominiums, except in British Columbia , where they are referred to as

690-410: A founding document, which may variously be called a "Master Deed", "Enabling Declaration", "Declaration of Conditions", "Conditions, Covenants, and Restrictions (CC&Rs)", "Deed of Mutual Covenant" or simply a "Condominium Document". Among other things, this document can provide for the creation of a governing body or corporation, for example, a Homeowner's Association in the United States. Rules for

759-765: A freehold owned by a corporation, itself owned by individual leaseholders. This provides an opportunity for them to participate in the proper management of the block. Again, the quality of management is very variable. The statute creating commonholds was motivated by a desire to eliminate some of the problems and perceived injustices, such as the commercial exploitation of lessees by freeholders as their leases began to have too little time left to satisfy lenders. Since most leasehold developments are undertaken by commercial entities, commonholds did not become widespread. There are, however, other statutes in place that give some degree of protection for leaseholders. It is, nevertheless, essential to consider proper legal advice whenever engaged in

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828-513: A lower tax liability in an office condominium than in an office rented from a taxable, for-profit company. However, the frequent turnover of commercial land uses in particular can make the inflexibility of condominium arrangements problematic. In Australia, condominiums are known as " strata title schemes " or "community title schemes". The 2011 National Household Survey (NHS) showed that one in eight Canadian households lived in condominium dwellings, colloquially known as "condos", mostly located in

897-417: A non-profit corporation, in which the tenants own shares; each share carries the right and duty to lease an apartment from the cooperative. Shares can be bought and sold, but often the cooperative's rules strictly limit the price for which they may change hands. (In contrast, condominiums are traded on a free market). Because the official share prices are often lower than the market value and sellers often retain

966-696: A result of the Fraser Canyon Gold Rush and fears of the re-asserted American expansionist intentions. The two British colonies were amalgamated in 1866 as the Colony of British Columbia . When the Colony of British Columbia joined Canada in 1871, the 49th parallel and marine boundaries established by the Oregon Treaty became the Canada–US border . In order to ensure that Britain retained all of Vancouver Island and

1035-635: A special type of ownership title called a CCT - condominium certificate of title. Condominiums usually have amenities, like swimming pools, owned parking, a clubhouse, and a building for administration. Initially, the concept of a condominium was introduced by the Federal Law "On the Fundamentals of the Federal Housing Policy" No. 4218-1 dated December 24, 1992: "Condominium is an association of owners of residential premises in apartment buildings with

1104-463: Is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners. These individual units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium"

1173-459: Is assigned to specific apartments ( Finnish : hallinnanjakosopimus , Swedish : avtal om delning av besittningen ) is usually used only with detached or semi-detached houses. A housing cooperative is a common form of home ownership in Finland. Owning shares that correspond to one apartment in a housing company is generally considered as much owning your own home as actually directly owning

1242-475: Is mostly used in the US and Canada, but similar arrangements are used in many other countries under different names. Residential condominiums are frequently constructed as apartment buildings, referred as well as Horizontal Property. There are also rowhouse style condominiums, in which the units open directly to the outside and are not stacked. Alternatively, detached condominiums look like single-family homes , but

1311-674: Is on the main branch of the Chicago River. A part of the Riverwalk runs along this complex of buildings. The building shares a common base with the nearby 18 story Embassy Suites Lakefront. The base of River East Center also contains an AMC Theatre , the largest cinema in the city of Chicago with 21 screens. This article related to a building or structure in Chicago is a stub . You can help Misplaced Pages by expanding it . Condominium (living space) A condominium (or condo for short)

1380-411: Is owned jointly by the apartment owners, who execute their joint ownership through an owner's association . The expenses of maintaining the joint property are shared pro rata among the owners. Another 5% of Danish homes are in housing cooperatives (Danish andelsbolig ), which occupy a legal position intermediate between condominiums and housing associations . The entire property is legally owned by

1449-489: Is the "time share", although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute . Among other things, the HOA assesses unit owners for the costs of maintaining the common areas, etc. That is, the HOA decides how much each owner should pay and has

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1518-499: The HVAC system and elevators. In other property regimes, such as those in Hong Kong and Finland , the entire buildings are owned in common with exclusive rights to occupy units assigned to the individual owners. The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association or its equivalent. Scholars have traced

1587-660: The Oregon boundary dispute by settling competing American and British claims to the Oregon Country ; the area had been jointly occupied by both Britain and the U.S. since the Treaty of 1818 . The Treaty of 1818 set the boundary between the United States and British North America along the 49th parallel of north latitude from Minnesota to the "Stony Mountains" (now known as the Rocky Mountains ). The region west of those mountains

1656-623: The homeowner association represents an entity with rights and duties that may include contracts. The right of ownership is divided in the first article of the WoEigG into homeownership, individual freehold ownership, part ownership, and commonhold ownership. In Greece, condominiums became very popular in the 1960s. It is a building one sees everywhere in Greece, since most of its population lives in big cities. They are known as πολυκατοικίες ( polykatoikíes ), literally "multi-residences". In Hong Kong

1725-462: The "whole British press" greeted the news of the Senate's ratification of Lord Aberdeen's proposed treaty with "a sigh of relief" and "universal satisfaction" comes close to being accurate. The Whig, Tory, and independent newspapers agreed in their expressions of satisfaction with the treaty. Though a few newspapers had at least mild reservations, completely absent was the strong condemnation that had greeted

1794-476: The British hoped this vote would pass the Senate. On June 12, the Senate voted 38–12 recommending that President Polk accept British proposals to negotiate this boundary. Votes in favor included 18 Democrats and 20 Whigs, whereas 11 Democrats and one Whig voted against. Three Democrats and three Whigs abstained. The treaty was negotiated by US Secretary of State James Buchanan and Richard Pakenham , British envoy to

1863-694: The British offered to negotiate the boundaries between the United States and British North America in the region west of the Rockies. Some US senators such as Charles Gordon Atherton and Benning Wentworth Jenness were combative and were in favor of rejecting British proposals to negotiate. However others, such as both Alabama senators ( Arthur P. Bagby and Dixon Hall Lewis ) as well as both Massachusetts senators ( Daniel Webster and John Davis ) were in favor of accepting British proposals. The Senate agreed that they would vote on whether or not to recommend President Polk accept British offers to negotiate. Watching closely,

1932-642: The Puget Sound region entirely, as the Americans were busy elsewhere with the Civil War. The San Juans dispute was not resolved until 1872 when, pursuant to the 1871 Treaty of Washington , an arbitrator ( William I, German Emperor ) chose the American-preferred marine boundary via Haro Strait , to the west of the islands, over the British preference for Rosario Strait which lay to their east. The treaty also had

2001-476: The United States. Foreign Secretary Earl of Aberdeen was responsible for it in Parliament. The treaty was signed on June 15, 1846, ending the joint occupation and making Oregonians south of the 49th parallel American citizens, with those north of it becoming British. The Oregon Treaty set the border between the U.S. and British North America at the 49th parallel with the exception of Vancouver Island , which

2070-566: The apartment. 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. Owning apartments for rent is a common form of saving and private investment in Finland. In Germany, condominiums are known as Eigentumswohnungen ( lit.   ' ownership dwellings ' ) and

2139-426: The association may be in the master deed, or could be a separate set of bylaws governing the internal affairs of the condominium. Matters addressed in the condominium bylaws may include the responsibilities of the owners' association, voting procedures to be used at association meetings , the qualifications, powers, and duties of the board of directors, and the powers and duties of the officers. The Bylaws may also cover

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2208-408: The business entities that own the individual spaces. Unlike apartments, which are leased by their tenants , in most systems condominium units are owned outright, and the owners of the individual units also collectively own the common areas of the property, such as the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common utilities and amenities, such as

2277-409: The case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities. The Canadian Condominium Institute is a non-profit association of condominium owners and corporations with chapters in each province and territory. The Condo Owners Association COA Ontario is a non-profit association representing condominium owners with divisions across

2346-632: The commission decided in favor of the United States, awarding the San Juan Islands to the U.S. The treaty states that the border in the Strait of Juan de Fuca would follow “the middle of the channel which separates the continent from Vancouver's Island.” It did not, however, specify which of several possible channels was intended, giving rise to ownership disputes over the San Juan Islands beginning in 1859. Other provisions included: Ambiguities in

2415-567: The condominium ( "Condominio" ) is governed by law, last reformed in 2012. Co-ownership of the common parts of the buildings (such as the stairs, main walls, facades, roof, and courtyards) is mandatory: a landlord can not give up the right to common parts for not paying the costs. Each owner's quota in the condominium is expressed in thousandths ( "millesimi" ) of the whole; these are used to determine majorities in owners' assemblies ( "assemblee condominiali" ). See housing cooperative under owners association . Condominiums (Norwegian Eierseksjon )

2484-449: The development is built on leased land. As condominium unit owners may wish to rent their home to tenants , similar to renting out single-owner real estate, but leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law. A homeowners association (HOA), whose members are

2553-611: The earliest known use of the condominium form of tenure to a document from first-century Babylon . The word condominium originated in Latin . Condominium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'. Condominia (the Latin plural of condominium ) originally referred to territories over which two or more sovereign powers shared joint sovereignty. This technique

2622-619: The equivalent legal structures of a condominium is commonhold , a form of ownership introduced in September 2004. As of 3 June 2009, there were 12 commonhold residential developments comprising 97 units in England and one commonhold residential development, comprising 30 units, in Wales. "Condominium" is not a term that is widely used in England and Wales. Commonhold is a creature of statute and comparatively rare, and condominiums are more likely to be found in

2691-411: The equivalent to a condominium is a "multi-owner building" or "building in multiple ownership". These are sometimes part of a private housing estate comprising multiple buildings but often consist of a single building owned in common. The relationships among the parties, including rights of exclusive occupation of flats and parking spaces, are defined by the deed of mutual covenant ("DMC", analogous to

2760-465: The establishment of conditions for joint ownership and use of inter-apartment stairs, elevators, corridors, roofs, technical basements, non-apartment engineering equipment, adjacent territory, and other common areas. In Singapore and Malaysia , "Condo" or "Condominium" are terms used for housing buildings with some special luxury features like security guards, swimming pools, or tennis courts. In Singapore, most houses without such features are built by

2829-481: The expenditure of money to perform. This did not create a significant problem until the 1950s when flats (where ownership is divided horizontally) first began to appear on the market as more affordable, particularly for first-time buyers. Until then flats had been confined to short-term unsaleable tenancies, with varying degrees of statutory rent protection and security of tenure. It was soon learned that freehold flats were an unsatisfactory form of ownership because it

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2898-526: The exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record, via a condominium or homeowners association website, or through public files, depending on the state and its applicable laws. Condominiums are usually owned in fee simple title , but can be owned in ways that other real estate can be owned, such as title held in trust . In some jurisdictions, such as Ontario , Canada, or Hawaii US, there are "leasehold condominiums" where

2967-404: The exteriors of the dwellings or yards, and "site condominiums", where the owner has more control and possibly ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities . The description of the condominium units and the common areas and any restrictions on their use are established in

3036-519: The form of leaseholds because of long-standing legal differences between leasehold and freehold tenure. By virtue of the landmark case of Tulk v Moxhay , in English law only restrictive covenants can be enforced against freehold land. This means it is not possible to enforce a positive covenant on successive owners of freehold land, other than to maintain a boundary fence, without creating an elaborate trust. A positive covenant is, broadly, one that involves

3105-436: The freedom to select whom to sell to, under-the-table payments are common. Current public policy favors condominiums over housing cooperatives, and recent legislation has aimed at making the latter more condominium-like. For example, since 2005, cooperative shares may be used to secure bank loans. (However, Danish mortgage banks still may not mortgage individual housing cooperative apartments.) In England and Wales , one of

3174-612: The governmental Housing Development Board (HDB), and such HDB units can be possessed for rent or individually bought from the government. Condominiums and HDB flats make up the overwhelming majority of available residential housing in the country. Oregon Treaty The Oregon Treaty was a treaty between the United Kingdom and the United States that was signed on June 15, 1846, in Washington, D.C. The treaty brought an end to

3243-547: The interior side of the walls surrounding a condo, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium's creation. The corporation holds this property in trust on behalf of the homeowners as a group—it may not have ownership itself. Some condominium complexes consist of single-family dwellings. There are also "detached condominiums" where homeowners do not maintain

3312-416: The legal power to collect that. Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, private airports, marinas, group housing facilities (retirement homes or dormitories), bare land (in British Columbia ) and storage . The legal structure is the same, and many of the benefits are similar; for instance, a nonprofit corporation may face

3381-587: The master deed described above) and the Building Management Ordinance Cap. 344. Condominiums are a very common form of real estate ownership in contemporary Hungary, as most state- or municipality-owned apartments were privatized following the end of socialism in Hungary in 1989. Historically, condominiums ( Hungarian : társasház ) were formalized as a legal ownership structure as early as 1924. Condominiums in Hungary are traded and mortgaged on

3450-475: The most important law considering condominiums is the Wohnungseigentumsgesetz (abbreviated WoEigG). It is the basis for all legal regulations involving individual freehold ownership, the rights, and duties of homeowner associations, and the management of condominiums. The WoEigG dates back to 1951, but it was re-enacted in 2007. Now, homeowners are invested with partial legal capacity, which means that

3519-535: The obligations of the owners with regard to assessments, maintenance, and use of the units and common areas, although those obligations are often found in the condominium's founding documents. Finally, they may set limits on the conduct of unit owners and residents. These are more readily amendable than the declaration or association bylaws, typically requiring only a vote of the governing body. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from

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3588-539: The other being a Co-operative Housing Society (CHS) or Co-operative Group Housing Society (CGHS), which needs to be registered with the municipal authorities. Iranian government has begun supporting villas and opposing apartment building concerned by people's manner. In Israel, condominiums (known "בתים משותפים" , "shared houses" or "cooperative houses") are a common form of home ownership. Public housing has historically been organized as subsidized purchases and mortgages in government-constructed condominiums. In Italy,

3657-619: The outbreak of the Mexican–American War in April 1846 diverted U.S. attention and military resources, a compromise was reached in the ongoing negotiations in Washington, D.C., and the matter was then settled by the Polk administration (to the surprise of its own party's hardliners) to avoid a two-war situation, and another war with the formidable military strength of Great Britain. In early June 1846

3726-792: The owners themselves; in the 21st century, however, the owners' convention typically hires a professional building manager who does not personally live in the building. Decisions that involve changes to the terms and conditions, or larger common expenses, still need to be approved by the convention, however. Voting power is based on the percentage of property owned. In India, condominiums are known as "Apartments" or "Apartment Buildings/Complexes" or "Societies" or "Flats". Each building consists of multiple floors and flats/living units with different configurations. The most common configurations are "1-BHK", "2-BHK" and "3-BHK" (BHK stands for bedroom-hall-kitchen). The association of homeowners has many names - two common names are Resident Welfare Association (RWA) and

3795-412: The province and districts within the various municipalities. Apartments (Danish ejerlejlighed , literally "owner-apartment") comprise some 5% of Danish homes. They are traded and mortgaged on the same markets as freestanding houses, and are treated legally much like other forms of real estate. Each owner-tenant directly owns their own apartment; the rest of the building and the ground on which it stands

3864-473: The provisions to create enforceable positive covenants in freehold blocks of flats were occasionally mooted but never gained currency. On 21 July 2020 the UK Law Commission reported on the existing difficulties and made proposals to improve the law and encourage the acceptance of commonhold as the preferred form of tenure. In Finland, a condominium-like arrangement where the ownership of the real estate

3933-413: The purchase of a flat, for the requirements for a fully marketable flat remain complex. The Law of Property Act 1925 , s. 153, contains provisions for the "enlargement" of leases into freeholds, one of the effects of which is to preserve the enforceability of positive covenants contained in the lease against the resulting freehold. There are clear, but stringent, requirements. Artificial schemes using

4002-401: The same market as any free-standing single-family home ( Hungarian : kertesház ; "garden-house"), and are treated much like other forms of real estate. The condominium acts as a non-profit legal entity maintaining the common areas of the property, and is managed by a representative ( Hungarian : közös képviselő ) elected by the owners' convention. Historically, this representative was one of

4071-427: The security of flats unless certain basic provisions were included. This benefited owners whether or not they borrowed money since the purchase was invariably conducted through a solicitor or licensed conveyancer trained to reject leases failing to meet the necessary standards. Despite these standards, the actual form of leasehold systems is variable. Highly favoured are arrangements where the leases are granted out of

4140-549: The southern Gulf Islands, it was agreed that the border would swing south around that area. Ownership of several channel islands, including the San Juan Islands remained in dispute. A bloodless confrontation known as the Pig War erupted in 1859 over ownership of the San Juans, which was not resolved until 1872. Ultimately, arbitration began with German Emperor Wilhelm I as head of a three-man arbitration commission. On October 21, 1872,

4209-407: The unintended consequence of putting what became Point Roberts, Washington on the "wrong" side of the border. A peninsula, jutting south from Canada into Boundary Bay , was made by the agreement, as land south of the 49th parallel, a separate fragment of the United States. According to American historian Thomas C. McClintock, the British public welcomed the treaty: Frederick Merk's statement that

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4278-399: The unit owners, manages the condominium through a board of directors elected by the membership. This exists under various names depending on the jurisdiction, such as "unit title", "sectional title", " commonhold ", "strata council", or " tenant-owner's association ", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association". Another variation of this concept

4347-487: The wording of the Oregon Treaty regarding the route of the boundary, which was to follow "the deepest channel" out to the Strait of Juan de Fuca and beyond to the open ocean, resulted in the Pig War , another boundary dispute in 1859 over the San Juan Islands . The dispute was peacefully resolved after a decade of confrontation and military bluster during which the local British authorities consistently lobbied London to seize back

4416-430: The yards (gardens), building exteriors, and streets, as well as any recreational facilities (such as a pool, bowling alley, tennis courts, and golf course), are jointly owned and maintained by a community association . Many shopping malls are commercial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them, while the common areas of the mall are collectively owned by all

4485-501: Was formally introduced in 1983. Approximately 19% of Norwegian homes are condominiums, as approximately 50% of the owner-occupied flats and duplexes, approximately 30% of the rowhouses, and 2.5% of the detached houses are organized as condominiums. The title "Condominiums" is not used in Pakistan rather they are called "Flats" for average-style buildings while "Complexes" for sophisticated and larger buildings. The minimum number of floors for

4554-510: Was frequently used to settle border disputes when multiple claimants could not agree on how to partition the disputed territory. For example, from 1818 to 1846, Oregon Country was a condominium over which both the United States and Great Britain shared joint sovereignty until the Oregon Treaty resolved the issue by splitting the territory along the 49th parallel and each country gaining sole sovereignty of one side. The distinction between

4623-574: Was known to the Americans as the Oregon Country and to the British as the Columbia Department or Columbia District of the Hudson's Bay Company . (Also included in the region was the southern portion of another fur district, New Caledonia .) The treaty provided for joint control of that land for ten years. Both countries could claim land and both were guaranteed free navigation throughout. Joint control steadily grew less tolerable for both sides. After

4692-487: Was not possible to impose essential maintenance requirements. As such, flats became virtually unmarketable because they were an unacceptable form of security to lenders. Thus solicitors, the principal property lawyers in England and Wales in those days, began to use leases instead, where such limitations did not apply. Progress was haphazard and piecemeal, but over time things became more standard. Improvements became universal as institutional lenders refused to advance money on

4761-399: Was retained in its entirety by the British. Vancouver Island, with all coastal islands, was constituted as the Colony of Vancouver Island in 1849. The U.S. portion of the region was organized as Oregon Territory on August 15, 1848, with Washington Territory being formed from it in 1853. The British portion remained unorganized until 1858, when the Colony of British Columbia was set up as

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