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Condominiums

Condominiums are buildings made up of individually owned apartments or houses. They generally contain shared spaces like a lobby or roof, which are controlled by an association of owners.

336 Questions

How many rental units are allowed in a condominium?

The number -- usually expressed as a percentage of owner-occupancy -- depends on your governing documents.

In recent times, the governing documents you need to look for are those board meeting minutes that contain references to 'rental caps' or resolutions that the board has passed establishing the number of rental units allowed by the association.

Boards must be vigilant about this number, because lenders review the number before giving mortgages to prospective unit buyers. When there are too many rental units, the lender may deny a mortgage.

Government entities, such as 'Freddie Mac' and 'Freddie Mae' recast this percentage several times during 2009-2010, so in order to position the association's units as desirable to mortgage lenders, boards have used their percentages.

A local lender can give you the desirable percentage today, since the number does have a tendency to fluctuate.

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.

What are Florida condominium pool rules for food and beverage?

There may be basic guidelines in Florida law, but the law that applies is based in the governing documents for the condominium association that owns the pool.

There is no standard

Factors to Consider when Purchasing a Condominium?

Over the past few years, the value of condominiums in many new and luxurious buildings across the country have declined considerably. This makes it a great time for someone looking to move into a condo to go ahead and purchase one. While it can be a great time to purchase a new condo, there are several things that a home buyer should do before closing on the purchase of their new home.

When purchasing a condominium, one of the first things that you should do is examine recent home sales. While the entire housing market has been unstable, condominium prices have fluctuated much more than other forms of housing. To ensure that you are making a wise investment, and not overpaying for the condo, you should see what typical sales prices have been in the building, and in neighboring buildings, over the past 6 months. If you notice that they have been lower than what you are being offered, then you may be overpaying for the condominium.

As you go through the due diligence process of purchasing the condominium, you also need to verify that the condominium's association is in good financial standing. Almost all condominiums are members of a larger association, which handles the maintenance and repairs of the property. Since so many condominium owners have defaulted on their mortgages and gone into foreclosure, many associations have less annual revenue than they did in the past. When reviewing the association's balance sheet and income statement, you may find that they are in debt. If the association is in debt, there is a good chance that some of the amenities will be cut or your payments will increase.

Similar to purchasing a single family home, you should also have the condominium inspected before you purchase it. While you need to have the inside of the unit you are purchasing inspected, you also need to have the rest of the property inspected as well. Be sure to have the inspector get a look at your building's roof, plumbing, and electrical systems. If they find that these are in bad condition, you could be charged with a significant special assessment in the near future to cover these repairs.

The Association's Condominium Insurance Is Not Enough?

A condominium's association will have an insurance policy that covers the buildings. This can lead the owners of each individual condominium unit to believe that their belongings are covered under these policies, but this isn't necessarily the case. The association's insurance policy typically covers the outside of the building which means that the things people have in their condominium homes aren't covered. This is why these homeowners need condominium insurance.

Owners of condominiums will not be looking for a homeowner's policy or even a renter's policy; they will need to make sure that they are seeking an insurance policy specifically for condominiums. The condominium unit owners will have to know everything their associations' policies do and do not cover in order to know what will need to be covered under their personal policies.

The association's policy will, most likely, not cover the unit owners' personal items. This would include everything within the unit such as clothes, furniture and jewelry. The fixtures and the appliances may be covered under the association's policy but if they aren't, the condo insurance must include these types of items as well. Sometimes, people make improvements to their dwellings. Some association policies generously cover these improvements but if the policy doesn't, the right condo insurance policy will pay to repair any damage done to the improvements people have made.

Before purchasing condo insurance, these homeowners need to take an inventory of all of the property inside the home that they would like to be covered under their policies. Don't forget about all of the items that are being stored in the garage; these items can also be covered under a condo insurance policy.

Condo insurance can be made more affordable by seeking a quote from several different insurance companies. People may also agree to have a higher deductible; the higher they set their deductible, the lower the insurance company can set their premiums. They may also qualify for any discounts the insurance company has to offer. Lastly, if they purchase other types of insurance from the same company such as their auto and life insurance policies, they may be entitled to a bundling discount.

The homeowner's insurance policy may have extensive coverage for each individual condominium unit, but these policies won't necessarily cover everything. All owners of condominium units need to find out what these policies don't cover and purchase their own policies to ensure that they can replace their belongings.

How is a condominium different than a single-family dwelling?

A condominium is a type of property where individuals own their individual unit within a shared building or complex, and also share ownership of common areas with other residents. Whereas a single-family dwelling is a standalone residential property that is owned and occupied by a single family. In a condominium, homeowners pay monthly fees for maintenance and management of shared spaces, while single-family homeowners are responsible for all maintenance and upkeep of their property.

Can the rules and regulations of a Connecticut condominium association prohibit an occupant from keeping legally purchased ammunition in his or her home?

You should consult with the attorney who represented you when you purchased your unit. There are multiple issues that need to be reviewed.

First, when you purchased your unit you agreed and consented to be subject to all the rules and regulations of the condominium. That is the reason why the grantee must also sign a unit deed for a condominium.

Second, you need to check both state and local gun laws.

What website can you find condo rentals in Orlando on?

You can find condo rentals in Orlando online at the Trip Advisor website. Alternatively, you can also find these rentals from websites such as Expedia and Vacation Rentals or from classifieds such as Craigslist.

What is the purpose of condominium association insurance?

The purpose of the condominium association insurance is to guard the tenants from having to pay for water damage caused by leaky faucets or from damage to the structure of the rental establishment. The purpose of the condominium association insurance is the same as any other insurance policy and that is to have in place moneys that the tenant do not have to pay in the event of a mishap to the structure of having lived in the dwelling.

Where can one rent a Destin Condo?

Destin Condos can be rented from major holidays and vacation companies. Some of the online companies are Tripadvisor, Ocean Reef,Flip Key, Southern Vacation Rentals and VRBO.

What is the average rent price for a Colorado condominium?

The average rent price for a colorado condominium in the united states of america is around $1000 or above depending on the size of the place that you would like.

How much condo insurance do you need?

To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.

What are the average condominium association fees and maintenance fees in 33434?

There is no standard for association assessments, because those funds pay for operations of the property. Expenses may include master insurance coverage, landscape work, association management, utilities and so forth. Every association is different from every other association.

A local realtor can help you best understand the assessments that cover the community containing a unit you want to buy.

That realtor may also help you understand if the assessments for a community are 'too high' or 'too low' for your Florida neighborhood.

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.

How do you do a feasibility study of a condominium hotel?

If you want to know the answer is here. just sneak in and then study

by Rebecca Ann Louise

Do you have to pay owed condominium assessments before you sell the condo that has gone into foreclosure?

Work with your broker so that you disclose the state of the title, and of your financial obligation to the association based on your ownership of the unit.

Often, owners and boards -- with association counsel, can craft disclosure documents and payment arrangements so that past-due assessments can be paid from the sale proceeds.

How can you classify a owned condominium unit in a balance sheet?

If you own the unit outright, it would appear as an unencumbered asset, meaning that there would be no off-setting liability that represents a mortgage on the property.

Can the owner of the condominium open the business in condo?

Read your governing documents to determine the uses for your property allowed by the association.

When was the Oceanquest Condominium declaration of condominium signed?

You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.

You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.

You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.

You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.

How much do a condominium cost in California?

In addition to paying the mortgage and taxes on the property, you are usually required to pay monthly assessments.

Assessments pay for services enjoyed by the entire community, including maintenance, security, and contributions to reserves. Assessments pay master insurance policy premiums, some basic utilities, landscaping, pool services, and so forth.

When you buy a condominium, you agree to pay monthly assessments. Assessments are variable, and may increase each year, when community expenses increase.

Can you use a gas heater on a condominium balcony in Fl?

Read your governing documents to determine whether this is allowed and how it is regulated. There is no standard.

What form do you use to file a lien for unpaid HOA dues on a condominium in Texas?

Since there are several forms of liens, best practices dictate that you work with your association's attorney to:

  • document the paper trail that the association is required to follow before filing a lien (this process is described in your governing documents)
  • verify that the owner has not made an alternative payment agreement of some kind
  • pursue the proper lien form and its legal filing, which appropriately clouds the title to the property so that the unpaid amounts are paid if/when the property is sold.

In USA, this strategy is effective in any state. Your state may have additional steps, which your association attorney can help you follow.

Is Bluegreen Wilderness Club at Long Creek Ranch Condominium Resort owned by Bass Pro?

You can visit the hall of records, the tax assessor's office, to determine ownership of the property.