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Every condominium community calculates this differently, and your answer is available in your governing documents.
Look in every index for 'Allocated Interest', and review which scheme is in use for your community.
Often, interest is divided by unit square footage, or a raw percentage of total ownership.
- The square footage model is usually used in communities where some units are situated in a more 'desirable' location than other units, i.e., top floor penthouses.
- The raw percentage model is used if all units are equally desirable and of an equal size.
To find the particular undivided interest of any particular unit can be difficult in some cases. If all the units were created at the same time, the common interests remain static and can usually be determined by an exhibit attached to the Master Deed. That information is required by most, if not all, condominium statutes.
However, in some jurisdictions, condominium projects are created in phases over a period of time. In that case, when completed units are sold, the developer builds a few more units using the proceeds. As units are added the undivided interests change for all the units (so they always add up to 100%) and are set forth in a new exhibit to each phasing amendment to the Master Deed. The final analysis can be difficult to determine and must be accomplished by a review of all the condo documents that have been recorded in the land records.
What else can I help you with?
What is the average cost for a 2 bedroom 2 bath Austin Condominium?
The average cost for a 2 bedroom 2 bath Austin condominium ranges from $150,000 to $400,000. The average cost of an Austin condominium depends on the location, number of floors and amenities.
How do you figure the interest rate percentage on a 144000 when you receive 3357.15 a year interest?
To find the interest rate percentage, divide the annual interest amount by the principal amount and then multiply by 100. In this case, the calculation would be ( \frac{3357.15}{144000} \times 100 ). This results in an interest rate of approximately 2.33%.
Is a simple interest loan calculator simple?
Yes, usually these calculators just allow you to put in the principal amount of the loan, number of months the loan is over, and the interest rate and it helps you figure out your problems.
How can you figure what the payment would be on a 15 year home mortgage?
In order to figure a mortgage you need 3 things - the principal amount of the mortgage, the interest rate and the term, or length of the loan. Once you know those three key numbers, just plug them into a mortgage calculator.
How do you convert annual interest rate to monthly?
Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest
How are time share undivided interest held?
They are held as a full interest for a specified period of time. For the times you use it, the interest is undivided.
How are condo fees determined using undivided fee simple interest?
Assessments are paid by owners in condominium associations so that the community's operational expenses can be paid.Read your governing documents to determine how individual owners are assessed their share of assessments: allocated interest can be square footage, unit location or other determination.
May an individual gift their partial ownership (undivided interest) to another individual and retain a life estate when they do not own the entire property (other owners have an undivided interest)?
Typically yes
Can one party in an undivided interest gift their share of the interest to another party outside the undivided interest owners?
Yes. You are free to sell you interest to any willing buyer.
What is the legal interest rate in NJ for condominium associations?
Your governing documents could specify the interest rate.
When an investor has an undivided interest in the mortgage pool it is commonly referred to as a?
pass through certificate
Do you own land when you own a condominium?
You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.For a discussion of what you own when you own a condo unit in the State of Washington see the following:http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/See also the following related question discussing the difference between condominium units and townhouse units:Does_a_townhouse_own_the_land_beneath_it_whereas_a_condominium_owners_own_only_the_unit_plus_a_part_of_shared_common_grounds_and_amenities
Does undivided interest lower the value of the land?
No. An undivided interest in property means that two or more persons own the real estate and each has the right to the use and possession of the entire property even if they own only a one-half undivided interest.
Can one party of an undivided interest change the percentages without the consent of the other undivided interest parties?
Absolutely not.They can only manage what they own. They can't take possession of someone else's property. The deed into the parties or the estate from which it was inherited determined the proportionate interests. They cannot be changed by a co-owner unless the co-owner buys out another owner's interest and acquires it by deed.
Can interest in undivided propery be gfted to a crt?
Yes, interest in undivided property can be gifted to a trust. This can be achieved by transferring the ownership of the property to the trust, which would then hold the interest on behalf of the beneficiaries according to the terms outlined in the trust agreement. It is important to consult with a legal professional to ensure that the gifting process is carried out correctly.
With minerals what rights does an owner with 50 percent undivided interest have?
If you own an undivided one-half interest that means you own a 50% interest in the whole property. That would come into play if the mineral rights, the property, or a portion thereof was sold. For example, if the mineral rights were sold you would be legally entitled to 50% of the net profit. The buyer would be required to cut a check for that amount in your name.
I own the real property I have an undivided half interest but my mother has a life estate do we both have to agree on what is done to the property?
Yes. Your mother would need to sign any mortgage or deed of sale for the property and any other instrument that would encumber the property. That would also apply to the owner of the other undivided one-half interest.
