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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.
What else can I help you with?
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.
Can you belong to a condominium association for use of common areas only?
Read the governing documents to determine of this class of ownership is allowed in the common interest community where you want to use the common areas.
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.
What is considered common area in a condominium?
A stairwell that leads to a single upstairs unit; a deck outside a condominium accessible only by one unit; the roof area accessible only by the penthouse; assigned parking slots assigned to a single unit.There are other examples of limited common areas unique to unique condominium communities, depending on their location in the world.Examples of common property are the pool, the clubhouse, or the golf course.
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
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
Who pays for property insurance in a condominium?
In a condominium usually the board pays for property insurance on all common areas. An individual owner pays for 4 walls, the ceiling, the floor, the inside of the door, and everything in between.
What are the duties and resposibilities of a condominium?
Actually, the condominium itself has no 'responsibilities', except to provide shelter as a structure. As a condominium owner, your responsibilities of ownership insofar as the interior of the unit -- which you own -- are documented in your governing documents. As well, your responsibilities to the association are also documented there. As a condominium board, too, your responsibilities are found in your governing documents, and in your state's condominium law. Primarily these will specify your charge to 'protect, maintain and preserve' the investment that all owners have in the common areas, which are owned by all owners in common based on a percentage of ownership.
What are the elements of the condominium?
The elements may be the real estate assets of the association.When condominium 'elements' are defined in the context of a Reserve Study, the elements are assets for which reserve dollars are set aside, so that when the element reaches the end of its useful life, there are monies available to replace it, or to perform major repairs.AnswerCommon elements is a term legally associated with condominiums. Common elements are defined by statutory law, which is controlling over any description in any declaration of the condominium. The common elements are all those parts of the condominium and the land that is not designated as units. The common elements identify all the areas owned in common and shared by all the unit owners such as land, streets, building exteriors -- roofs, siding (with boundaries described in the declaration), recreational facilities, laundry facilities, conservation areas, non-assigned parking areas, storage areas, exercise rooms, common deck areas, community rooms, stairwells, elevators, hallways, lobbies, etc. Each unit owner owns a percentage of the common elements in common with the other unit owners.Limited common elements are the exclusive rights in common elements that are particular to each unit and use by other unit owners is prohibited. These can include patios and terraces attached to a particular unit, assigned parking spaces and driveways, assigned storage areas, etc.A unit is the part of the condominium that is available for individual ownership together with the limited common elements that run with the unit.All of the above comprise the elements of a condominium.
What does loss assessment mean on a homeowners policy?
Loss assessment on a homeowner's insurance policy is protection against getting sued for a person being injured on the property. This is a common insurance that condominium owners need to protect themselves from lawsuits for someone being injured in the common areas of the condominium complex..
Is condominium unit considered real property?
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium.
Doesn't townhouse ownership include the land beneath it versus a condominium where owners own only their unit plus a part of shared common grounds and amenities?
When you buy real estate, you are entitled to understand exactly what is included in your ownership.For a condominium, you can read the governing documents that detail the boundary between what is privately owned and what is owned in common, including limited common areas dedicated for your use.If the townhouse is part of a community ownership scheme, those governing documents give these details.Finally, if you have a question about what you own, your local county tax assessor will be able to tell you exactly what is included in your property tax payment.
