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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
Can a condominium association force a foreclosure of your home?
Yes. Read your governing documents to determine when this act takes place.
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.
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 are the advantages of investing a condominium?
Investing in a condominium as a non-resident investor can mean that you enjoy a revenue stream from tenancy of the property that you own, with a landlord's responsibility only for the interior of the property. The external assets are maintained, preserved and protected by the association based on assessments that you pay.
The advantage continues so long as you have a paying tenant, and so long as your property qualifies as a rental.
Do Condominium associations have to have A Board of directors?
Yes, many (and maybe all) condominium associations have boards of directors.
This style of real estate ownership -- an association -- is a business. The business is properly registered with the Secretary of State (the location of the community) as a corporation, usually a non-profit.
Business require boards of directors in order to operate the business of the association.
What is the average price for a 2 bedroom condominium in Bangkok Thailand?
Average price is about 80,000 to 95,000 baht per sqm
for a fully furnished condominium in bangkok, it depends which area.
Some area is 100,000 baht per sqm.
You can get more information and different condominiuns for sale in Bangkok Thailand from the attached link and other sites.
Can condominium assessments be discharged in bankruptcy Hawaii?
Read your governing documents to determine how your assessments are leveraged. Your title may also be affected by past due assessments, as well as your personal liability.
Assessments due before the date you file are handled differently from assessments due after the date you file.
Your bankruptcy attorney can best explain your options.
What are the advantages of owning a condominium versus a house?
Because the maintenance, preservation and protection of the real estate assets owned in common by every unit owner, owned in common with all other unit owners is the responsibility of the association, you are only responsible for the upkeep of your unit's interior. Your assessments pay for association maintenance, preservation and protection.
This means that you are not individually responsible for the upkeep of amenities that you may enjoy. You can travel for extended periods with assurance that the association is watching over your property's exterior. You can enjoy the benefits of high-density housing, in terms of public police, fire protection, transit, utilities and so forth.
Depending on your life-style, there may be other advantages.
How do you find and download Georgia condominium documents?
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.
The percentage you want is written in the master deed: the percentage required to amend the deed.
What happens to you in foreclosure of your condominium?
When your condominium is foreclosed upon, the lender assumes ownership of the unit. You may be able to work with the lender to finalize a date by which you will vacate the property; it's unreasonable that you should be allowed to maintain a household in the unit if you do not own it.
How do you rescind a declaration of condominium?
If you mean you want to neutralize the declaration, this may not be possible except in the case of a disaster: flood, fire, earthquake and so forth that destroys all the real estate assets and makes it uneconomical to repair them.
Your governing documents may provide for a dissolution of the association, given a disaster.
Otherwise, you can also read there how to modify or amend your declaration and the required number of voting percentages required in order to accomplish this change.
Another PerspectiveEvery state has a condominium law. When a condominium is declared its sponsor makes it and its base tract subject to the state condominium law. The provisions for terminating a condominium are set forth in the statute and generally involve the assent by all the owners. In some cases all the units in a failed condominium are acquired by a single owner and that owner can withdraw the property from classification as a condominium. Such projects are converted into rental properties. You need to check the law in your state.
Is a garage part of the condominium common area?
Your governing documents will specifically define any garage and its ownership parameters within your community.
- Your garage may be an open bay garage, owned by and with casual access by all owners. You may have an assigned parking stall, which is a limited common area tied directly to your unit number, and bought and sold as such.
- Your garage may be an enclosed, attached garage, which is another kind of limited common element: dedicated for your use and maintained by the association.
- Your garage may be a covered parking strip, again with either casual parking or assigned parking slots.
In condominiums, garages are rarely privately owned, but could be, depending on the physical structure of the condominium unit.
Who is responsible for mold removal in condominium?
Your issue is greater than mold: your issue is water intrusion. As an owner, you can work with your board and with the management company to identify the source of water intrusion, and eliminate it. This discovery may identify who pays for the removal and repairs.
The mold will grow unabated until the source of water can be identified and stopped.
Removing mold -- as with any water damage situation -- has two components: fixing it, and paying for the fix.
Removing the mold has a high priority, since left unattended it will only get worse.
Best practices dictate that you photograph the mold for evidence, then treat it to slow its growth. There are several products specifically for this purpose.
You can read more about removal of mold, below. Note that WikiAnswers does not endorse the link, but provides it simply as a guide.
Can they come and reposses a car from a private condominium?
Apparently, it is legal for the owner -- in this case, the title holder -- to repossess an automobile so long as the repossessing agent does not break the law in the repossession process.
Where can you find a condominium organizational chart?
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.
How do you fix condominium key fob?
The short answer: As with most things Duct Tape will fix a broken access control key fob. That is assuming the reader still reads the electronics inside.
Once a fob or access card stops working it is possible that the microchip inside is damaged. A prox card is made up of a coil of wire that works like an antenna, and a microchip. The card holds a code number that a reader can extract.
If that number is programmed to allow access to the door the door will unlock when the card is presented.
The long answer is that if the card number has not been programmed into the system the door will not unlock. The card (or fob) will not work no matter how much duct tape or WD40 you use.
In my Queen Street store in Toronto, we have an access card duplicator. If you are having trouble with your fob bring it into the store. We can check it to see if it is damaged and if you like we can make a duplicate fob or card for you.
Are condominium fees tax deductible?
When you live in a condominium, you pay assessments which your board budgets each year to pay operational expenses for the community.
These expenses are not typically tax deductible by an owner who occupies a unit. In your state, in your tax situation, best practices dictate that you consult with your tax attorney to identify whether or not assessments are deductible from your tax bill.
Optional fees, such as amenities-use fees may be treated differently by your tax adviser in your situation, especially if you pay the fees for the benefit of a tenant and your condominium is an investment and not your home.
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.
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.
Are their rules about throwing cigarettes over balconies in a condominium high rise?
The first rule should be common sense, followed closely by the local littering laws. This behaviour is not only childish, it's dangerous, because cigarettes can start fires.
In your governing documents, you may be able to find guidelines about balconies -- how they can be used by residents, and that language may specify conduct that can result in a notice of violation.
Your responsibility is to report it whenever you see it take place. YOu can report it to the board and to the local police and fire departments.
What is the difference between a hotel and a condominium hotel?
Most commonly, a hotel is owned by a corporate owner who then rents rooms in the property.
A condominium hotel could be run like a hotel, but with units -- rooms -- owned by individual owners.
How to write a personal letter of reference for a condominium association?
Any letter of reference, regardless of who you're writing it to, should contain roughly the same information.
One idea is that you write the letter using the salutation, To Whom It May Concern.
You most properly address a condominium association by addressing a letter to the Board of Directors of the corporation, usually in care of the management company.
What is Condominium Insurance Severability Clause?
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.
What is considered the interior of a condominium?
You can find the definition you want in your CC&Rs document. Look under the topic "Unit Boundaries."
These boundaries are likely to be different in every condominium community and as an owner it's important that you understand where they are.
