One basic difference between these two types of real estate ownership may be the availability of lender financing. Generally, co-ops must be purchased with cash, and condominiums qualify for mortgage loans.
According to Community Associations Institute, the latest number available, for 2009, indicates that there are 60.1 million residents in 24.4 million housing units located in 305 association-governed communities in the United States.
Condominium boards are most properly insured with directors and officers insurance -- which best practices recommend, and which may be required by your governing documents.
One of the situations covered by this insurance includes dishonesty.
From the FindLaw site:
"Dishonesty exclusions bar coverage for claims made in connection with an insured's dishonesty, fraud, or willful violation of laws or statutes. The dishonesty exclusion also may be coupled with a personal profit exclusion, barring coverage in connection with an insured's illicit gain. These exclusions typically are followed by a severability clause - that is, a caveat providing that the acts or knowledge of one insured will not be imputed to any other insured for the purposes of applying the exclusion.* In other words, the exclusion only bars coverage for the insured(s) whose acts or knowledge are the basis of the claim at issue."
In other words, one dishonest board member's actions do not reflect on -- or exclude coverage of -- other board members.
*Emphasis particular to this use of this quote.
There is no standard.
Read your governing documents to identify the dividing line between what you own individually, and what is owned by all owners in common.
Often this line is defined as 'the paint', or 'the back of the wallboard' or 'the studs'. In your Declaration, look in the table of contents for Unit Boundaries or a similar topic.
As well, look for topics labeled Common Areas and Limited Common Areas. These will describe specifically which are the common areas for your community.Answer
Common areas in a condominium project may consist of such areas as hallways, elevators, corridors, lobbies, clubhouses, passive and active recreation areas, community rooms, common laundry facilities, tennis courts, non-exclusive parking areas, streets, walkways, and conservation land surrounding the condominium buildings. For a definitive description of the common areas in a particular condominium you must review the Master Deed.
You can find an example by contacting an attorney in the District of Columbia.
As well, your governing documents may provide details you need to include in a lien, meaning that it is an original legal document and requires crafting by an attorney.
Hats off to Kluss for his legal definitions above. . . These terms can be interchangeable both as forms of real estate ownership, and in the style of building.
All condominiums -- private democracies -- operate under a set of governing documents. You can read yours (CC&Rs and By-laws, plus any board resolutions) to better understand the rules that govern your condominium pool in Florida.
Check your state laws, all states are different when it comes to worker's comp regulations.
A condo is a privately owned unit in a multi unit building that includes common areas, facilities and various amenities. It is considered real property.
A penthouse is a posh apartment at the top of a building typically differentiated by luxury features and privacy. It can be privately owned or a rental.
Your broker or attorney can help you answer this question. The class code may depend on the type of condominium.
Your condominium association is organized based on some type of legal corporation, usually a non-profit.
Your board of directors can draw an organizational chart for you, or perhaps your management company.
The chart will be relatively flat, given that the members of the board must act in unison or by majority vode: no director or board member may act alone. Board members report to owners, whom they are chartered to represent based on your governing documents.
NB: An operational organization chart may differ slightly from an development organizational chart. The development chart may contain a master association with several sub-associations.
Read your governing documents to determine who owns the driveway.
If you have exclusive use of it, it may be limited common area.
If others also use the same driveway, it may be common area.
However, it's also possible that you own it individually, but this is the least common option.Answer
There are many variables and the following is one type of arrangement. Generally, if the townhouse style garage is for use of a single unit the single driveway use would be exclusive unless there are side-by-side garages with an extra wide driveway. In that case the driveway would be shared. In either case it is not likely the driveway would be considered part of the common areas of the condominium.
You should review your deed to determine if you have an exclusive right to the driveway. Any exclusive rights should be mentioned in the deed. If you still have questions you should call the attorney who represented you at your time of purchase. Parking rights are an important issue relating to the purchase of a condominium unit. You should have known your rights before you moved in. Your particular parking rights should be detailed in the title examination performed at the time of purchase.
If you are thinking of buying a unit you can contact the unit owner's association to inquire about parking for any particular unit or in general.
The association must sue you in court and obtain a judgment lien. It can use the judgment lien to take any property to pay the amount of the lien.
Read your governing documents to determine ownership of the doors in question.
Doors inside a unit are usually the responsibility of the unit owner.
Entry doors to units are generally considered limited common property (areas), and are replaced by the association. This affords uniformity in the architectural guidelines which are also available in your governing documents.
When an entry door is damaged and must be replaced, the association replaces the door. If the door is limited common entry property, and the association decides that the unit owner should pay for the replacement, then the unit owner pays.
Garage doors that afford individual unit owners access to limited common areas called (attached) garages, are usually replaced by the association and charged to the unit owner, based on the unit owner's solo use of the garage door.
It all depends on the location of the condominium.
In some states, areas, communities, townhouse implies multi-stories, with internal steps to additional floors.
In some countries, the term townhouse simply means a house in town.
Consult a local realtor who can advise you about the meaning and definition of the term locally.
Your governing documents are specific about amending your by-laws, because this process is different in every community. The steps may include:
Usually, it's easier to amend the by-laws than to amend the covenants, conditions, restrictions and regulations (CC&Rs), because both are amended by a percentage of votes of the membership. By-law amendment is typically 51% or a majority, and CC&Rs amendments is typically a super-majority, such as 67%.
Condominium ownership is a form of common interest community real estate ownership.
The word condominium generally means sharing ownership with others. A condominium is legal arrangement whereby multiple owners share ownership of real property. A portion of the property in the form of units is individually owned and the rest of the property is owned in common with all the unit owners subject to the provisions of the Declaration that created the condominium and to the provisions of state law.
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 such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas.
By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.
Condominiums and co-operatives involve ownership of real property by several owners who each own a unit and a percentage of the common areas. That concept is a hybrid of historical ownership where real property is owned by a single entity.
Read your governing documents to discover the process for your condominium. There is no standard, but generally, a vote of a majority of owners is required.
A resort condominium has several possibilities. It can be operated as a hotel, offering short term rentals, and which maintains a front desk. That would allow someone to own a full-service vacation home. It can take the form of separate vacation rentals where owners can buy single units as an investment and rent them out to vacationers. It can also take the form of a time share fee ownership where owners can buy permanent use in the form of weekly increments.
Read your governing documents to understand what details must be included in a letter you plan to send to a unit owner to collect late assessments.
You may also want to include additional steps you plan to take if the late assessments are not paid.
You can include in your letter, the language from your governing documents that outline an owner's legal responsibility to pay assessments.
Finally, you may want to work with an attorney, so that you follow the guidelines established by your governing documents for collecting assessments. If you fail to follow the guidelines, your owner who is in arrears may be able to delay paying even longer, based on a technicality.
Depending on which documents you want, you can look online in the county assessor's database, in the property manager's database or in the condominium online database.
Be aware, however, that there may be no requirement that condominium documents be made available online, even to registered owners of units within the community.
As an owner you are entitled to copies and received them at the time of your purchase. If you need replacement copies or additional copies, please expect to pay for them.
A good place to start is by writing a letter to the board of directors of the condominium and asking where you can find copies of the governing documents, and whether the documents you want are available online or possibly the management company.
If you are not an owner, you must detail your purpose for requesting a copy in your request letter. Be aware that you are not entitled to copies as a non-owner, and your request may be denied.
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