Usually, the association must be dissolved in order for the association to cease. (It may not be in good standing under the guidelines of the Secretary of State, but not filing your annual renewal -- if one is required in your state -- but this may not automatically dissolve the association.)
Your governing documents may provide a process or method of dissolving the association.
Dissolution usually occurs in the case of a disaster that essentially destroys the physical structure.
Dissolution may also be used when the project's developer has established an association favourable to the developer and then the developer abandons the project. Remaining owners, including the developer's lenders, may choose to dissolve the faulty association and form another that is more useful to the operation of the community.
NB: The status of the association is the business status; the declaration status, which is the land-use status, is not affected when the association's status is changed.
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.
Your condominium association is a public company. There are several types of bankruptcy, and the type chosen by the association will determine how business proceeds once bankruptcy is declared. Read more, below.
A condominium association is a legal entity, often a state-registered corporation, made up of members who own condominium units. Read your governing documents to identify the particulars of your association, and how the state's corporate guidelines affect the business conducted by the association on behalf of its members.
Yes. When you rent a condominium, you are subject to the same rules and regulations, governing documents and guidelines as an owner -- except that you cannot vote in association business.
The purpose of the condominium association insurance is to guard the tenants from having to pay for water damage caused by leaky faucets or from damage to the structure of the rental establishment. The purpose of the condominium association insurance is the same as any other insurance policy and that is to have in place moneys that the tenant do not have to pay in the event of a mishap to the structure of having lived in the dwelling.
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Any manager for a condominium association is a vendor, usually under a contract. Read the contract to find the termination clauses.
Read your governing documents to discover the process for your condominium. There is no standard, but generally, a vote of a majority of owners is required.
Your local hall of land-use records is where condominium declarations are filed and thus recorded: you can get a copy there. If you are interested in purchasing a unit in a condominium association, the real estate agent will be able to obtain a copy of the declaration, and copies of all other governing documents, from the association. You can expect to pay for all copies you request.
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
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.
Depending on the context, it may be an umbrella association that oversees or is related to a group of individual condominium or other land-use associations.