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There could be several title risks, including but not limited to:
- Lien against the title for unpaid assessments, including regular assessments, special assessments and fines for violations
- Unclear title passed along to the seller, from whom you buy the condominium unit
You can pay a title search company to search out the history of the title, and you can buy title insurance, to cover your clear title purchase, in case the title search company fails to find every liability on the title.
Wiki User
∙ 14y ago
Wiki User
∙ 7y agoRisks that may affect title (by affecting your ability to sell) may include the existence of several unsold units, ineffective or non-existent condominium association, deteriorating conditions due to lack of regular maintenance and repairs, unsecured areas resulting in vandalism, rundown units, poorly maintained grounds, past due municipal charges and failure to enforce rules and regulations. All those factors may result in liens including municipal liens, and may affect your ability to resell your unit.
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What is an antonym for condominium?
Single owner title is the opposite of condominium title ownership, both of which are forms of owning real estate assets.
Are the common areas included in condominium title search?
Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.
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.
What credit score do condos want?
When you purchase a condominium, your lender will determine the acceptable credit score. When you rent a condominium from an owner, the owner makes a similar determination.
Can the condo association deny a buyer?
Condominium associations are not usually in the business of screening buyers. If you believe that you have been denied the ability to purchase a condominium unit, contact a civil-rights savvy attorney to help you make the purchase you want.
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.
Does FHA consider a condo a single family home?
No, FHA considers a condominium a condominium, and a single family home a single family home. The styles of legal ownership and title are different.
What is the price of a condo?
When you purchase a condominium, you purchase the unit. As well, you purchase an interest in the real estate assets owned by the community. These assets may include common areas, limited common areas, amenities, roadways, parks and so forth. Generally, all these assets are included in the price of a condominium.
Is condominium an investment?
Any real estate purchase is an investment. Condominium as a form of real estate ownership can cover residences, businesses, recreational areas -- boat slips in a marina, and more.
Who do you get a Condominium Declaration from?
You typically get a Condominium Declaration from the developer or the property management company of the condominium complex. It is a legal document that outlines the rights and responsibilities of the condominium owners and the rules and regulations of the complex.
Your condominium assessed and extra amount because your reserve is at zero - you need extra money for building repairs - can you file a lien for condominium special reserve amount assessed?
Depending on the county and state where your condominium is located, and depending on your governing documents, assessments and fines can automatically become liens on your condominium title. Otherwise, your condominium Board of Directors may choose to file a lien until the special assessment is paid.
Why price of condominium unit is higher on higher floors?
Less risk of break in. Better view. Usually quieter.
