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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.
Are unbuilt lots considered common areas of a condo association?
No, only defined "common areas" owned by the condo association are considered common areas, and unbuilt lots usually belong to an individual (e.g., the developer or an investor). If the association owns them, they are most likely reserved for sale to a future tenant/builder, although the proceeds of the sale will go to the association.
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 is the difference between a condominium and a home owners association?
Generally, a condominium is a collection of multi-family units and an HOA consists of single-family units. However, this generalization is not always exact. Both are ownership styles of real estate, where owners own individual units and own common areas in common with all other owners.
Agency to call to report unsanitary conditions of condominium complex in Monmouth County New Jersey?
You may query the county health department and inquire about their process to report such conditions. Be aware, however, that the common areas owned by a condominium association are considered private property. The association's board may be responsible for maintaining a livable environment -- your governing documents may be specific about this duty.
Is a lawn considered a common area in condominiums?
Read your governing documents to determine the extent of the lawn common area under management of the association, and which, if any, portions of lawn are under the care and maintenance of individual owners. There is no standard.
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 a site condominium?
According to the State of Michigan's Condominium Buyer's Guide: "The term "site condominium" is used to describe a condominium development with single-family detached housing instead of two or more housing units in one structure." Other states may have different definitions.
Condominium common area laws?
All states have laws and regulations that govern condominiums and homewners associations. While they might be similar, they will differ from state-to-state. You will need to research your particular state's laws for a more complete answer. In particular, every condominium association is governed by their own set of governing documents which defines specifically where the boundaries lie, separating what an individual owns from what is owned in common by all owners. As long as they are in compliance with state law, there is no standard to which all these governing docs must adhere, however the above mentioned boundaries will always be set forth.
Do boundary lines on condo divided land have any legal significance regarding liability?
Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.
Is Attic Common Element of Condominium and Covered by Associations Insurance?
Read your governing documents to determine the boundary between what is owned by individuals and what is owned in common with all other owners: common areas/ limited common areas. As well, the association's broker can help you understand what is insured in the attic area, if the policy is an all-in policy. There is no standard. Best practices dictate requiring owners to carry individual HO-6 insurance policies to cover their property, which may include items stored in their attics or the association's attic/ storage areas.
Does an association have a mortgage?
It is not common for homeowner's associations to grant mortgages. However, a quick check in the land records under the name of the association would reveal any mortgages. In some cases a HOA may hold title to conservation areas, buffers or common areas and in that case they may have the authority to grant mortgages. This would be more likely in a planned community rather than a condominium project.
