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What determines the transfer of ownership from the developer to the condominium association?
Wiki User
∙ 14y ago
Depending on the state where you live, there are official documents that must be prepared and presented to the association from the developer at the end of the 'declarant control period'.
As well, the public offering statement given to each buyer of a new unit by the developer clearly spells out the several scenarios that can mark the end of the period. It may be some number of years after the first sale; some number of years without adding new units and so forth.
Primarily, it is imperative that the developer turn over plans, warranties, designs, and so forth, to the association, so the association can maintain its real estate assets.
This is an official step that is best taken with the guidance and leadership of counsel.
Wiki User
∙ 14y ago
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When you own a condominium are you responsible for the exterior of the residence or building?
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.
How do you contact Condominium Associations directly?
A condominium association is the business entity involved in condominium ownership. The condominium association is usually a non-profit corporation, and is listed with the Secretary of State in the state where the condominium community is located.The Secretary of State's records are usually public records.As well, residents and owners of a condominium community should know who sits on the association's board of directors, and their contact details.You can also contact a condominium association through its property manager.
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
Is it legal to change a home from a condominium to a townhome after you have already closed on it?
A condominium is a form of real estate ownership that includes ownership of a unit, plus communal ownership of other real estate assets.A townhome can be a style of home.If you purchased a townhome-style home in a condominium community, you are permanently attached to the condominium community.It's association and governing documents apply to your townhome.
How can a condominium association be converted to a homeowner's association?
The definition of condominium ownership is contained in the land-use documents filed in the local hall of records by the original developer. In order to convert the land-use to another use, you are best advised to find a local, common-interest-ownership-savvy attorney who can help you understand the pros and cons of both types of common interest communities. As well, this attorney may be able to help you convert the land-use to the one you want.
What is condo house?
This phrase describes a house that is owned by deed as a condominium, meaning that all owners in the association own a percentage of the total real estate assets, based on individual allocated interests.
What is townhouse?
A townhouse -- which is a style of building, is owed by a condominium association, which is a style of real estate ownership. Condominium associations own all the common elements in the real estate development, each owner holding a percentage of ownership that relates to his/her allocated interest. In addition, the owner owns title to a unit. In this case, the interior of the townhouse is the unit -- boundaries between individual and association ownership defined in CC&Rs -- which is titled to an owner, together with that percentage ownership of all common elements owned by the association.
What is condominium ownership?
This style of ownership is best described as community real estate assets owned in common by all owners, with owners also owning individual units within the association.
Who owns the huntington condominiums?
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
What are the duties and resposibilities of a condominium?
Actually, the condominium itself has no 'responsibilities', except to provide shelter as a structure. As a condominium owner, your responsibilities of ownership insofar as the interior of the unit -- which you own -- are documented in your governing documents. As well, your responsibilities to the association are also documented there. As a condominium board, too, your responsibilities are found in your governing documents, and in your state's condominium law. Primarily these will specify your charge to 'protect, maintain and preserve' the investment that all owners have in the common areas, which are owned by all owners in common based on a percentage of ownership.
What is the difference legally between being a Condo Association or a Town home?
A condominium association is a legal entity, defined by the developer in a land use document. The association owns common area, amenities and so forth, while individual owners own living/ working/ storage/ marine spaces, plus an equitable share of the common area. Town home is a style of building and may have a different form of legal real estate ownership.
What is a condominium-house?
Condominium is a form of real estate ownership; house is a word used to describe a structure.
