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Is reservation fee non refundable when purchasing condominium unit?
Wiki User
∙ 10y ago
Your answer is available in your earnest money agreement. There is no standard.
Wiki User
∙ 10y ago
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What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
What do you call someone who owns an condominium unit?
Someone who owns a condominium unit is called an owner.
What is a garden condo?
Usually a condominium complex with a garden, or a condominium unit with a garden dedicated to the unit.
Who pays the property taxes for a condominium unit in Florida?
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
Where can you get a recorded condominium declaration?
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.
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.
Can a unit owner add a window to their unit-not a replacement but totally new?
That depends on the rules and regulations of the condominium. You need to check the Master Deed and the Condominium Trust.
Is a condominium like an apartment?
In some cases a condominium is like an apartment. However, a condominium is form of fee ownership ( each unit owner is the absolute owner of their unit) by which several owners share ownership of a building(s) by each owning their respective units. In a condominium scheme each unit owner also owns a proportionate interest in all other common areas of the project such as the grounds, pool, laundry facilities, community rooms, etc.An apartment is generally a rental unit in the US and Canada. In Europe, an apartment can be a rental unit or a unit in a building that is owned in fee much like a condominium.
Is a crawlspace under a condominium considered part of the condo unit?
Please review your governing documents -- your CC&Rs, to discover the boundary definition for your unit. Look for the section with boundary in the title. There is no standard: every condominium is different from every other condominium.
What is the average area of a condominium?
It depends on the geography where the condominium is located. Usually, in high-density urban areas, a condominium is smaller; in suburbs, the units can be larger. Since a unit can be a studio or a penthouse, or a one-, two-, or three-bedroom unit, depending on where it is located in the building, an average would only be useful by type of condominium.
What do you own when you buy a condominium?
Read your governing documents to identify the border between what you own in your unit individually and what you own outside your unit in common with all owners.You may find that the border is 'the studs', 'the paint', 'the wallboard' and so forth.Every condominium is different from every other condominium in terms of who owns what.Another PerspectiveWhen you purchase your condominium the governing documents set forth the boundaries of your unit and the common areas. However, what you own in fee is your unit and a percentage interest in the common areas and the land that makes up the condominium parcel.
Does the Declaration of ownership extend beyond the sale of the Condominium units?
Once you purchase a condominium unit, whether you are its first owner or subsequent owner, the condominium declarations will always be in force.
