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What kind of document do you get when you buy a condominium unit?
Wiki User
∙ 8y ago
Your answer depends on what you request/ demand during your period of due diligence prior to completing the purchase transaction, the state law requirements as to documentation required, and the efficiency of the realtor(s) involved in the transaction.
For example, if you demand copies of the governing documents -- CC&Rs, By-laws and rules, the last three years history of board meetings and financials, any Resale Certificates, seller disclosures and so forth before you finalize the transaction, you may have all the documents you want.
Buyers are best advised to obtain all the documents possible prior to purchasing any real estate in a common interest community. If you find something that requires explanation, get the answers you want.
Once you are an owner, you are completely subjected to all the vagaries of the association whether you agree with the documents -- or not.
This purchase is a classic case of Buyer Beware.
Wiki User
∙ 8y ago
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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.
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.
Get out of a declaration of condos?
When you buy a condominium, you automatically become a member of the association. You can 'get out of the declaration', and all the other governing documents, by selling your unit. Otherwise, you are legally obligated to honour the governing documents.
Can a condominium board deny your right to sell your condo and buy it themselves?
Yes. It is common for a Master Deed or Trust of a condominium to reserve the right of first refusal when any owner decides to sell their unit. That means the board must be given first priority to purchase the unit. Read through your copy of the Master Deed and Trust looking for any "right of first refusal language".
Can a condo have a basement?
You may be able to buy a condominium residence that has a basement.Digging a basement under an existing condominium would require significant work on behalf of engineers, architects and so forth, in order to present a petition to the board for approval to dig a basement.The board has the final say.You can read your governing documents to determine the process for approval for modifying your unit. Modifying other than your unit might not be an option.
What is difference between co ops and condominimus?
When you buy a co-op, you buy shares in a corporation and are assigned a space. Some lenders are leery of this style of real estate ownership, and will not grant a mortgage for such an option. A condominium buyer purchases an individual unit, plus ownership in all the real estate assets owned in common with all other owners. These may include the buildings, parking lots, landscape assets, golf course, pool, club house and whatever other amenities owned by the condominium association. Because clear title can be held to a condominium unit, lenders are more likely to grant a mortgage to purchase one.
Why do people prefer to buy a condominium rather than another kind of home?
In a condominium, an owner pays a monthly assessment to the association that owns the exterior real estate assets. The association then pays for, for example: * Building insurance * Building and property security * Common area housekeeping * Sewer and water service and other utilities * Landscaping services * Preventative maintenance * Legal fees * Accountancy fees Depending on the condominium, as an owner, you can enjoy all the luxuries of owning a home and the board members are responsible for protection, maintenance and preservation of the real estate assets that all unit owners own in common.
How do you get a condominium?
You buy one. Or you might inherit one. Or you might receive one in trade. In any event, in order to own a condominium, the deed to the real estate must be in your name.
How did a residential condominium started?
Residential condominiums are started by developers who either buy existing high-density, multi-family housing and convert it to condominiums, or who build new properties. The price of each unit depends on the location of the community, the amenities included there, and the interior size and finishes of each unit.
What is a bare land condominium?
Generally, bare land condominium is a term used in jurisdictions such as Alberta, Canada. A condominium plan is registered that subdivides bare land into separate smaller lots. A developer then constructs buildings on the parcels that may consist of multiple units or townhouse style units. The master lot is not common property as in a traditional condominium. There may or may not be common land included in the plans. In a bare land unit you buy the land and anything built on it. Many of the structural features such as roof, foundation, exterior walls, driveway, some landscaping, etc., must be maintained by the unit owner. Those obligations can be transferred to the condominium through by-laws. However, there can be much variation in bare land projects and you need to check the legal status of bare land condominiums in your particular jurisdiction and then review the particular project for details. If you contemplate a purchase you should be represented by an attorney who specializes in real estate and condominium law in your jurisdiction.
Where can you buy a government-subsidized condominium in New York or New Jersey?
A local realtor can answer your question.
What are advantages and disadvantages of living in a condominium?
Depending on your life-style and your values, a condominium may or may not be a smart place for you to live. If you don't like rules, prefer to live noisily, keep odd hours, own many vehicles/ tools and so forth, produce large parties, traffic heavily with your friends, a condominium may not be your best choice. If you want to live simply, quietly, with neighbors who share your real estate values, and are willing to pay someone to maintain, preserve and protect your home, a condominium could be a perfect match. The mistake to make is to buy a condominium without first reading the governing documents, the last three years' worth of minutes and financials and having never owned a home before. In order to rectify this error, educate yourself about the condominium community where you want to buy a home before you purchase a unit. The biggest disadvantage is a buyer's ignorance.
