Is the land under the condo unit owned by the unit buyer or the condominium corporation?

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Read your governing documents to determine what is owned by individual owners and what is owned by the association.
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Is a condo unit holder legally allowed to request documents regarding water damage in the building especially when one's own unit is involved?

If they are needed for a valid purpose such as insurance claims, the person could ask for them to be voluntarily presented. If refused, it is possible an order from the court could be obtained. Assuming there was evidence provided that such documents were needed. A condo unit owner is to be furnish (MORE)

Can you have window units in condominiums?

Read your governing documents to determine the extent to which you can modify your windows. If you want to install a different kind of window unit in an existing window 'hole in the wall', board approval may be required. If your question has to do with an air conditioning unit, again, you may nee (MORE)

Are window units allowed in condominiums?

By window units, one can assume that you mean air conditioners. Read your governing documents to determine how the community's guidelines address air conditioners. Then, you can work with your board to adjust the comfort level of your unit during extreme weather conditions.

Doesn't townhouse ownership include the land beneath it versus a condominium where owners own only their unit plus a part of shared common grounds and amenities?

When you buy real estate, you are entitled to understand exactly what is included in your ownership. For a condominium, you can read the governing documents that detail the boundary between what is privately owned and what is owned in common, including limited common areas dedicated for your use. (MORE)

How does a condo association foreclose on a unit?

By filing liens against the owner(s) of the unit. If the liens go unpaid, the association can foreclose on the unit and sell it in order to satisfy the liens. More Detail Foreclosing a unit to pay any monies owed to the association is usually a last step in a process that begins with the assoc (MORE)

What is owned when you own a condominium unit?

You can review your governing documents and determine exactly what you own. Every set of governing documents that cover condominiums is different from every other set of governing documents. Look in your governing documents for these definitions: . Unit: Usually, an owner who buys a 'unit' owns (MORE)

Can you contact the buyer of your storage unit?

If a lien has been placed on your unit, it went to auction, and somebody bought your stuff, it is up to the storage facility manager whether or not to provide you the contact info of the buyer. Note that storage facilities HATE auctions because of issues like this that arise, but there's no harm in (MORE)

A lien for unpaid assessments has been placed on your unit by the condo association - can they foreclose on your condo owned outright?

You can find the answer you want in your governing documents. Usually, regardless of the ownership status -- outright ownership or mortgaged -- unpaid condominium assessments represent an automatic lien on your unit's title. Apparently, your board has filed a formal lien with the court based on th (MORE)

What are the Samples of deed of sale of a condominium unit?

Any sample deed of sale will necessarily be edited, modified and amended, based on your governing documents. Your local realtor can help you develop a deed of sale that will be legal for your purposes. Answer You should consult with an attorney who specializes in real estate law if you ne (MORE)

Can a condominium association enter a unit that is in foreclosure?

It's a good idea to check with the current owner -- the bank, or whomever owns the unit -- before entering it. For safety and security reasons -- to inspect for potential frozen pipes, turn off the hot water heater, set minimum heat in cold winter months, and so forth -- the association may be in a (MORE)

In a NJ condominium that you own two or more units would you become a member in bad standing if you paid assessments on one unit and did not pay on the other units?

Regardless of the number of units that you own, you owe assessments on every unit. Read your governing documents to understand your commitment to pay assessments. In addition, you can read the board's process and action steps it can take to collect this debt that you owe, including potentially, sel (MORE)

Can a condo assoc forclose on a unit?

Yes. Read your governing documents to discover under which terms the association can sell your unit. Generally, this is possible when an owner who has agreed to pay assessments, fails to pay them, so the association's board is required to collect the money it is owed. Sometimes, and usually, as (MORE)

Can a condo unit be sold before a declaration of condominium is filed?

Personally, I would not buy a condominium unless my review of the complete declaration was finished. Otherwise, you (and I) have zero idea about the community you're (I'm) buying into. Whether or not it can be sold may be a local legal issue. See your state condominium statute.

How many rental units are allowed in a condominium?

The number -- usually expressed as a percentage of owner-occupancy -- depends on your governing documents. In recent times, the governing documents you need to look for are those board meeting minutes that contain references to 'rental caps' or resolutions that the board has passed establishing th (MORE)

Your condo association told a potential buyer of your unit he would be denied occupancy by the board as he is a convicted felon Is this legal?

Discrimination against 'felons' is a tender subject. There is no uniform answer. In some states, felons who have served their terms may not receive student loans, may not vote, may not receive welfare aid and so forth. The condominium board should be able to rely upon a background check or upo (MORE)

Is a unit owner in a condominium can be considered as third party claimant under a comprehensive general liability insurance?

If yours is a general question, you can ask a board member to get an answer from the master insurance policy carrier, where the association's comprehensive general liability insurance premium is generally paid. Also, ask about the deductible amount in the case of a claim. If you carry an HO-6 cond (MORE)

Who owned the land purchased for the seat of the United States government?

The state of Maryland ceded a portion of its land north of the Potomac River and the state of Virginia ceded a portion of its land south of the Potomac River to create District of Columbia. It would have been a perfect square (standing on a point) as called for in the US Constitution and as drawn by (MORE)

What is studio-type condominium unit?

In US, the definition of a studio is loosely a single room or a small space where a person lives with furniture that serves multiple purposes -- i.e., a Murphy bed, etc. A condominium is a living space that you purchase, with the idea that you also purchase and therefore ultimately own other parts (MORE)

What is the normal configuration of units in a condominium building?

There is no normal in terms of configuration of units in a condominium building. The developer built as many units as s/he believed that s/he could sell, given the zoning, height restrictions and parking requirements set out by the city where the building was constructed.

Who owns land on a condominium?

Generally, a condominium is a distinct form of ownership in the U.S. whereby an individual owns a unit and shares joint ownershipwith the other unit owners of the common areas which includes theland. All condo unit owners share title to common areas. Common areasinclude land, the exterior of buildi (MORE)

Is condominium unit considered real property?

Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium (MORE)

If bought a condo but the developer continues to significantly rent units is there an out for a condo owner Is the developer responsible for a certain buyer vs renter percentage?

Read your governing documents to determine what the developer is 'allowed' to do during the 'declarant control period'. As well, determine the status of the project, so that you know what ratios are appropriate in your case. After the first sale by the developer, the clock ticks on several legal (MORE)

Can one unit owner own 2 units in a 3 unit condo association?

Read your governing document to determine if there are anyrestrictions in this situation. As well, in this situation, the 33% and 66% numbers can be redflags for insurers and mortgage lenders given current restrictionsinvolving percentages of ownership..

What percent of condo units may one own in one bldg in Florida?

This may not be a Florida law, but it is a lender's guideline. Banks are not interested generally in offering mortgages for condominiums in associations where one owner owns more than 10% of the association's assets -- or 50% of its assets IF at least 50% of the units are owner occupied. You can re (MORE)

Can a condominium association put a lien on the unit owner's business account when the unit is owned by the individual and not the business?

There are several kinds of liens, one of which is generally established automatically in your governing documents, based on your promise to pay your assessments. The association's attorney can formalize this lien and cloud title to your unit ownership as a way to force payment of the monies you owe (MORE)

How do I transfer ownership of my condominium unit to my son?

You should contact an attorney who specializes in real estate law in your jurisdiction. The attorney can draft a proper deed for your jurisdiction and also explain the legal consequences of the transfer of title. You should contact an attorney who specializes in real estate law in your jurisdiction (MORE)

What is condo unit?

A condominium unit is the space available for ownership as defined by the land-use documents for the condominium association filed in the local court house. The unit may be defined as land, moorage, a townhouse, a suite, an apartment, a single family dwelling, part of a duplex or other enclosed ar (MORE)

What are the advantages and disadvantages of owning a unit in a condominium?

Any investment in a common interest community insofar as real estate ownership is concerned is just that: common ownership. Most associations are governed according to the legal governing documents and state law covering that type of association, and managed by volunteers who do not necessarily ha (MORE)

Can a property be owned as a condominium if a condo plan has not been filed?

Your answer is a legal one, and best answered by anassociation-savvy, or at least land-use savvy attorney. By 'condo plan', you may be referencing a Public OfferingStatement, or other document defining land use. Generally, a mortage lender will require proof of the land-useplan's legal existence - (MORE)

What kind of document do you get when you buy a condominium unit?

Your answer depends on what you request/ demand during your periodof due diligence prior to completing the purchase transaction, thestate law requirements as to documentation required, and theefficiency of the realtor(s) involved in the transaction. For example, if you demand copies of the governing (MORE)

How can a condo buyer avoid mistakes when purchasing a unit?

Wrong plan leads to a wrong decision. You might have already heardthat buying a condo is not that easy. There are things that youmust think about twice before giving in. There are also someinstances that you have to say 'no' to the things offered to youdespite liking them the most. Another Answer (MORE)

What are advantages of owning a condominium unit?

Your real estate is part of an association with a legal obligationfor the board to 'protect, preserve and maintain' the collectiveasset. Your assessments pay for 'someone else' to handle repairs tocommon areas, so you are relieved of many of the maintenance issuesthat face single-home owners. Often, (MORE)