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Dividing common areas that are assigned to all owners can follow the established formula used to represent each owner's ownership share.
For example, if each unit has a different amount of square footage, the board could assign storage 'square footage' in the same percentage as that owner's unit represents as a percentage of 100% of ownership of the condominium.
If units are all exactly the same square footage size, then dividing the storage area into a grid pattern would work.
Unlike parking stalls, where there is a potential of dividing the common area according to a rather standard requirement -- i.e., the size of a car and free area required for maneuverability -- the storage area represents a finite resource to be divided equitably among all owners.
Ultimately, this decision must be made by -- and defended by -- the association's board of directors.
What else can I help you with?
Is a locker or storage in a condominium a common property or limited common property?
Read your governing documents to identify which definition applies to your particular locker or storage area. There is no standard.
What is the common problem in a condominium bldg?
Your answer depends on who's asking the question. For some residence, the 'common problem' is the neighbors. For the board, the 'common problem' may be the age of the building or the state of planned maintenance. Since not all condominium buildings are alike, each has its own set of 'problems'.
Is a condominium a home or a house?
A home is where people live. A house generally means a single family house surrounded by a lot. A condominium is a form of real estate ownership that can be applied to units within a high-rise building, a multi-family residential building, plots of land where people park mobile homes part of the year, boat slips where people store floating inventory, storage and shop business parks where people own individual units, and more. Condominium ownership implies that an owner owns a 'unit' individually, and owns common areas in the complex in common with all other owners. Owners pay assessments to fund operation of the complex. Generally, condominium associations are non-profit corporations.
Is a condominium like an apartment?
In some cases a condominium is like an apartment. However, a condominium is form of fee ownership ( each unit owner is the absolute owner of their unit) by which several owners share ownership of a building(s) by each owning their respective units. In a condominium scheme each unit owner also owns a proportionate interest in all other common areas of the project such as the grounds, pool, laundry facilities, community rooms, etc.An apartment is generally a rental unit in the US and Canada. In Europe, an apartment can be a rental unit or a unit in a building that is owned in fee much like a condominium.
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.
Can a condominium be classified as a single family dwelling?
Maybe. Condominium is a form of real estate ownership. Each unit is owned individually, together with an allocated interest in all the real estate assets owned in common with all other owners. There are developments where a unit is a single family home.
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.
What is the difference between a condominium and an apartment?
The official difference is in ownership: an apartment is owned by a landlord who may also own other apartments in the same complex; a condominium is owned by a single owner and that ownership includes a percentage ownership in the community's common areas. A condominium may be in the style of an apartment, especially, in urban high-rise buildings.
Does an elevator which exclusively serves two separately owned apartments on the third floor of a three story condominium building provide service to a single family dwelling?
Your question is complex. First, the elevator serves owned apartments in a condominium building. Then the elevator may be known as a limited common element. Since the elevator serves both units, the location of the 'single family dwelling' is unclear. (Both apartments are condominium units; neither is commonly described as a 'single family dwelling'.)
Is dwelling protection the same as building property protection for a condominium policy?
Your answer depends on the policy and its interpreters. Best practices dictate that you query the carrier with a specific question about a specific policy using addresses and value particulars.
Is an entry door to a condominium unit considered a common element?
It depends on your condominium governing documents, where you can find a list of assets owned as limited common elements, meaning assets owned in common for the benefit of a single or a single group of owners. Generally, in a high-rise condominium, for example, unit entry doors are considered limited common elements.
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.
