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Condominiums

Condominiums are buildings made up of individually owned apartments or houses. They generally contain shared spaces like a lobby or roof, which are controlled by an association of owners.

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Can a Board of Directors block a sale of a condominium unit?

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Asked by Wiki User

Whether a Board of Directors can block the sale of a condominium unit depends on several factors, including the governing documents of the condominium association and the specific laws of the state or jurisdiction where the condominium is located.

In general, boards of directors do not have the absolute power to block a unit sale. However, they may have the right to deny or delay a sale under certain circumstances, such as:

Right of First Refusal: Some condominium associations have a right of first refusal clause in their governing documents. This means that the association has the right to purchase the unit before it can be sold to a third party. This clause is typically used to ensure that the association maintains control over who lives in the community.

Unpaid Assessments or Fees: If the unit owner has outstanding assessments or fees, the board may have the right to withhold approval of the sale until the debt is paid.

Violations of the Condominium's Rules and Regulations: If the unit owner has violated the association's rules and regulations, the board may have the right to deny or delay the sale until the violation is corrected.

Condemnation or Imminent Risk: If the unit is condemned or poses an imminent risk to the safety of other residents, the board may have the right to prevent the sale until the problem is addressed.

It is important to note that these are just a few examples, and the specific rules and regulations that apply to your situation will vary depending on the circumstances. If you are considering selling your condominium unit, it is important to carefully review the association's governing documents and consult with an attorney to understand your rights and the board's authority.

Who do you get a Condominium Declaration from?

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Asked by Wiki User

You typically get a Condominium Declaration from the developer or the property management company of the condominium complex. It is a legal document that outlines the rights and responsibilities of the condominium owners and the rules and regulations of the complex.

What is the average lifespan of a condominium?

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Asked by Wiki User

The average lifespan of a condominium can vary depending on various factors such as maintenance, quality of construction, and changes in the surrounding area. Generally, a well-maintained condominium can last for several decades, with some even lasting more than 50 years or longer with proper upkeep and renovations. However, it is important to note that certain components or systems within the condominium may require replacements or repairs over time.

What is the minimum number of units allowed in the Washington state condominium act?

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Asked by Wiki User

The Washington state condominium act does not specify a minimum number of units. Therefore, the number of units in a condominium project can vary according to the developer's plan and local zoning regulations.

What is considered common area in a condominium?

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Asked by Wiki User

A stairwell that leads to a single upstairs unit; a deck outside a condominium accessible only by one unit; the roof area accessible only by the penthouse; assigned parking slots assigned to a single unit.

There are other examples of limited common areas unique to unique condominium communities, depending on their location in the world.

Examples of common property are the pool, the clubhouse, or the golf course.

Are condominium complexes private property?

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Asked by Wiki User

Your question and the categories you chose make it look like something in your possession was repossessed on property that is part of a condominium complex.

With those facts as assumptions, your answer is:

  • Some of the complex is private property, some is common area and some is public.
  • With proper documentation, any asset can be repossessed. (It's a lender's right to reclaim assets in order to retire an unpaid debt.)

Here are the details you need to answer your particular question:

  • Please read your governing documents to determine where your 'private property', i.e., your unit boundary line runs. As well, you can find the definition of what parts of the complex are owned by all owners in common.
  • Your local tax assessor can help you understand what part of your complex is public.
  • Laws in different states govern access for repossession, so you need to understand those for your state.
AnswerA condominium property is private property in contrast to public property which is owned by the government or the community such as a park, highway, school or public library. Generally, the towns do not maintain the streets within a condominium project thus they are also private.

What is the difference between a condominium and a planned unit development?

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Asked by Wiki User

A condominium is a living or working space (unit).

A planned unit development may include a mix of commercial and residential spaces, and free-standing commercial areas, such as petrol stations and a shopping mall.

Does the gate have to stay locked at a condominium swimming pool in WI?

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Asked by Wiki User

States are not generally involved in the operations of amenities owned by common interest community associations, but apparently in Wisconsin, it is.
If you have strong feelings about the gate and whether or not it is locked, make your wishes known to the board and bring up the topic for discussion in an open board meeting.

When you own a condominium are you responsible for the exterior of the residence or building?

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Asked by Wiki User

Read your governing documents to determine who owns the outside of the condominium. Typically, the 'outside' is owned by the association, and of which you share ownership with all other owners.

Ownership determines maintenance.

What the similar of condominium with townhouses?

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Asked by Wiki User

The definition of a townhome is that it is a multistory dwelling that is attached to the adjacent properties. Apartments are frequently single story (although they do have townhouse apartments), and houses are typically not attached to their neighbors.

How tall is a condo building?

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Asked by Wiki User

There is no standard.

From a Wikipedia search result: 'storey height':

"The height of each storey is based on the ceiling height of the rooms plus the thickness of the floors between each pane. Generally this is around 10 feet (3.0 m) total, however it varies widely from just under this figure to well over it."

What is a condominium association exclusion rider bond?

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Asked by Wiki User

When you purchase a condominium and grant a mortgage one of the documents you will be required to sign in connection with your loan is a "Condominium Rider." This rider is an attachment to the document recorded in the land records to secure your loan.

Average cost to build a condominium?

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Asked by Wiki User

A local builder may be able to answer your question, or a local architect.

Your cost depends on the number of units you plan to build and to what level of quality you want to build.

Is the roof over a single unit in a multiple unit condominium considered common property?

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Asked by Wiki User

Read your governing documents to understand the line between what you own individually and what you own with all other owners.

The line is usually described as 'the skin', 'the wallboard', 'the studs' and so forth. As well, your CC&Rs should define in particular what is owned in common within the walls. This definition may cover 'plumbing', 'conduit', 'vents', and so forth.

What is the most luxurious condominium in Seattle?

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Asked by Wiki User

Wikipedia lists a condominium building at Eighth and Stewart, proposed for completion in 2009, as the tallest such building. It is proposed at 38 floors.

Read more, below.

For the tallest existing building, you can contact a local realtor, who can answer your question.

What is the meaning of the word condominium?

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Asked by Wiki User

The word condominium generally means sharing ownership with others. A condominium is legal arrangement whereby multiple owners share ownership of real property. A portion of the property in the form of units is individually owned and the rest of the property is owned in common with all the unit owners subject to the provisions of the Declaration that created the condominium and to the provisions of state law.

Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas.

By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.

What does condominium?

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Asked by Wiki User

Who owns a condominium complex?

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Asked by Wiki User

Generally, a condominium is a distinct form of ownership in the U. S. whereby an individual owns a unit and shares joint ownership with the other unit owners of the common areas which includes the land.

All condo unit owners share title to common areas. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools, etc. They share ownership with the developer until all the units are sold.

What are advantages of owning a condominium unit?

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Asked by Wiki User

Your real estate is part of an association with a legal obligation for the board to 'protect, preserve and maintain' the collective asset. Your assessments pay for 'someone else' to handle repairs to common areas, so you are relieved of many of the maintenance issues that face single-home owners. Often, a community of neighbors can be built, because you are all co-investors.

Bought condo want to put wood floor the gypcrete is not level and no one wants to help?

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Asked by Wiki User

You need to employ a builder to help you.

What is the common problem in a condominium bldg?

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Asked by Wiki User

Your answer depends on who's asking the question. For some residence, the 'common problem' is the neighbors. For the board, the 'common problem' may be the age of the building or the state of planned maintenance. Since not all condominium buildings are alike, each has its own set of 'problems'.

Is condominium a resident?

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Asked by Wiki User

Condominiums can be both residential and commercial. Some condominium projects contain a mix of both. depending on the zoning. Those may have commercial units on the ground floor devoted to shops and restaurants and then residential units on upper floors. Generally, the owner cannot change the use once the project is established.

How do you live in a condo with satisfaction?

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Asked by PrettyMarrielle

The first thing that comes to our mind when we plan to buy a condo is to live a much better life than we previously have, right? Not just you, but there are already a lot of people who bought a condo and thought that they are living a more satisfying life now. Of course, we all need to live in an environment where we can be safe and contented. That's Maslow's second hierarchy of need - safety!