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Your question and the categories you chose make it look like something in your possession was repossessed on property that is part of a condominium complex.
With those facts as assumptions, your answer is:
- Some of the complex is private property, some is common area and some is public.
- With proper documentation, any asset can be repossessed. (It's a lender's right to reclaim assets in order to retire an unpaid debt.)
Here are the details you need to answer your particular question:
- Please read your governing documents to determine where your 'private property', i.e., your unit boundary line runs. As well, you can find the definition of what parts of the complex are owned by all owners in common.
- Your local tax assessor can help you understand what part of your complex is public.
- Laws in different states govern access for repossession, so you need to understand those for your state.
What else can I help you with?
Is a condo private property?
Each condominium unit is the private property of its owner.The land enclosed within the boundaries of the condominium project or community is private property as regards the general public. No one who does not have an interest in the condominium has the right to use or enter the property.Exceptions would include such people as the owners' agents, employees, invitees, municipal workers, utility worker, postal workers, repair personnel, etc.
What is the difference between a private house and condominium house?
A private house is owned by an owner who also owns the land. A private house owner is responsible for the maintenance, upkeep and preservation of the private house and property. A condominium house is part of a larger community which is owned by all owners in equitable share, and the house being owned by an owner. A condominium house owner pays assessments to the association that operates the community. The board is responsibility for the maintenance, upkeep and preservation of all real estate assets owned by the community.
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.
Who pays the property taxes for a condominium unit in Florida?
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
Do you pay property tax on a condo?
A condominium is a home; it exists on real property; most condominium owners pay property tax.You can check with your local county or provincial assessor to find the answer you want.
What is the Condominium Propert Act for State of Missouri?
You can follow the link, below, to read the condominium property act for the State of Missouri.
What are the differences between townhouses and apartments?
A townhouse is a private residence, the occupant owns it either individually or through some other device. The term is synonomous with condominium. An apartment is leased to the occupant and is not his property.
Show you a picture of a condo?
There is no standard for a condominium: condominium is a form of real estate ownership. It can apply to mooring slips in a marina, warehouse complexes, suburban developments that include free-standing homes, high-rise residences and so forth.
Is private property always private?
Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.
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.
How do you remove condominium property management?
Any manager for a condominium association is a vendor, usually under a contract. Read the contract to find the termination clauses.
Is a condo considered commercial property?
Condominium ownership implies that all owners own a share of the real estate assets that make up the association's holdings together with the unit assigned to the owner.Commercial buildings may be condominiums. There may be commercial units within a condominium complex. As a business, however, the association is a corporation that may be for profit, not for profit or exist as an unincorporated association.AnswerThat depends on how the condominium was set up in the Master Deed. A residential condominium typically contains only residential condominium units. Some condominium projects offer mixed use when they include some units for commercial use such as restaurants, offices or shops at street level with residential units on upper levels. Others are strictly dedicated to commercial use such as office buildings or industrial complexes. The use is clearly set forth in the Master Deed. Generally, if you own a residential condo unit you cannot use it for commercial purposes.
