Is it legal for condo owners to be allowed to know who your bonding agency is?
It is unclear from your question whether you are a prospective tenant or a prospective vendor.
A condominium owner who rents out a unit has a certain obligation to the community in terms of vetting a tenant.
Some governing documents require that an owner produce details about a tenant, including but not limited to
- A credit check
- A background check
- References from other landlords
- And so forth
If you are a vendor proposing services to an association, it's reasonable that the association require proof of your insurance, bond, and license. The association may be required by its governing documents to only hire vendors with these proofs.
Legally, in USA, associations are not permitted to conduct background checks on 'new owners'. So, they would not be able to charge for such a search. Individual unit owners may be able to conduct checks on prospective tenants. Co-ops may be able to assess prospective investors, and this is made clear prior to the consummation of any purchase in a co-op.
Can an owner of a condo pass on to the condo owners the park fee he was require to pay before building the condos?
There is no standard answer to your question. Read your governing documents to determine what is possible in your case. There may be special fees you pay when you purchase a unit from a developer, which may be passed along to subsequent owners, or not -- according to what's written in your declaration.
If you own a condo, you can get basically the same type of insurance as a homeowner, depending on what type of condo you have. If you condo is more like apartments, you may be able to get insurance similar to renters insurance, while if you have a stand alone home, you can basically get just home owner insurance.
covers you for a loss assessment made by an association of property owners on common property for a "covered" cause of loss. important distinction there. i.e. condo needs a new roof due to old age - not covered. Also there are protections built in for deductibles - so condo association cannot have an extremely high deductible and instruct association owners to put in assessment claims
A little, but they are different. A townhouse is usually a row house, one of several attached buildings. They may have completely separate ownership. A condominium ("condo") is often more like an apartment but essentially it is a residence that is part of a group that has shared management and maintenance. The condo owner is responsible for inside the walls the a Home Owners Association (HOA) is responsible for the outside and the grounds. The…
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment…
Read your governing documents to determine how to amend your CC&Rs -- the covenants. This process is well-defined and required in order for amendments to be legally binding upon the association and its owners. As well, your local municipality or county may become involved if the change you want to make is not allowed in that locale. Best practices dictate that you gather owners interested in making the change, to determine that you have the…
Somewhere in your Association agreement or unit owners agreement there should be a section that states how much of your condo you are responsible for covering. They usually have language like "studs in" or "walls in" meaning everything from the studs or walls and in is your responsibility. Floor covering, cabinets and fixtures are things you would normally have to cover yourself. Most condo policies include a small amount of building coverage and then you…
If you owe assessments that are unpaid, you are in violation of the financial agreement you made with the association. The association is required to pursue you to collect this debt. You can read your governing documents to remember your obligation to pay assessments, and understand the steps that your association will take to collect your debt. Your board can tell you whether or not this honest debt has been reported to a credit agency.
Condominium assessments are income to the association. If there is a judgement against the association, owners who pay assessments may be liable to pay the judgement under a special assessment. Condominium owners pay assessments to support the operation of the community. Owners may have their income garnished, even those monies earmarked to pay their assessments.
A common area is defined as a real estate asset that is usable by all members of the community, and is owned in common by all owners. At least one sub-definition is limited common area, meaning that the element is useful for some, but not all, owners. It is also owned by all owners and is maintained by the association using funds paid in assessments by all owners.
What are your legal rights when the condo board refuses to enforce the by-laws regarding noisy co-owners and their dog?
According to the Destin Condo Rental policies and rules on the Compass Resorts website, no one under the age of 25 is allowed to rent a condo or rental home through them. This includes vacationing students or singles, "unless accompanied by a parent or guardian at a ratio of no more than 2 children for one adult over the age of 25."
Read your governing documents to determine ownership. There is a line between what a unit owner owns and what all unit owners own in common with all other owners. Ownership may determine who pays, and it may not, depending on the motivation to perform demolition of roof and walls. As well, and again this is an ownership issue: which roof(s) and which wall(s) -- interior or exterior, building envelope or not?
Can arrears in assessment in a condo association be discussed with other residents other than the board?
Your answer may depend on where you live/ the location of the condominium. In US and Canada, when the board discusses the state of other owners' accounts with owners, it is not only rude, but may be illegal. In Japan, owners in arrears can find their names listed on bulletin boards in front of all elevator doors.
You live in a condo complex Can communications for condo owners be distributed legally by putting them under the red flag on their mail boxes?
It's a good idea to read your governing documents regarding distribution of notices before you distribute any, because in doing so, you may be notified of a violation if you do so 'illegally'. Your governing documents provide for official notification to owners from the board and may also guide you in distribution of informal communications. It's a good idea to include the board in any communication to owners, perhaps by requesting permission to distribute the…
To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.