0
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
Agency to call to report unsanitary conditions of condominium complex in Monmouth County New Jersey?
You may query the county health department and inquire about their process to report such conditions.
Be aware, however, that the common areas owned by a condominium association are considered private property.
The association's board may be responsible for maintaining a livable environment -- your governing documents may be specific about this duty.
How many stories are there in medium rise condominium?
Your answer depends on your location. In some geographies, this may be five to 10 stories.
Best practices dictate that you start at the local municipal level, and ascertain the requirments in order to obtain the classification that you want.
Without success, then, you can move up the ladder to the provincial level and repeat the process.
Since the complex may also own the roadways -- meaning, they are not public roadways -- you may have difficulty enforcing speed laws with the local police. You may therefore not be able to have them declared highways.
If the roadways are private, you can post speed limit signs and adapt your Rules to accommodate the speed limits. Keep all the license plate numbers allowed in the gated complex and install cameras. You can issue tickets automatically.
You may want to review this strategy with the association/ strata counsel, to verify that you are within the association's rights to implement such a scheme.
How are condominium fees determined in Illinois?
All condominium owners are levied assessments -- usually annually -- to pay the expenses of operating the community. Assessments are based on last year's expenses, plus anticipations of increases and changes in expenses for the next year.
This is the formula regardless of where the association is located.
Is a condominium considered commercial real estate?
Condominium is a form of real estate ownership, and may be commercial or residential.
Are beverages allowed at condominium pools in Florida?
There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..
There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..
There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..
There is no single answer to your question because rules and regulations can vary. You need to review the condominium documents for any particular condominium community to find the answer for that particular community..
How do you find condominium documents online for Peachtree Place condominiums in Buckhead GA?
Only a sub-set of documents for any condominium are public, and only those recorded in municipalities with public online access would be available to you, as a member of the public.
If you are an owner, your association manager may be able to offer you online access to the documents you want.
How do you terminate condominium board members?
Read your governing documents to find the guidelines for calling meetings of the membership. These guidelines include:
- Percentage of membership required to call such a meeting
- Requirements for notice of meeting, including agenda
- Percentage of membership required to be present in order to vote
- Requirements to document the meeting in minutes
- Practically, how the board will be constituted once the current board members are terminated.
For example, sometimes, twenty percent of members must join together to call such a meeting.
Follow the guidelines for calling the member meeting, including sending notices according to the documented process together with an agenda that includes the action item -- in your case, termination of board members.
According to the member meeting quorum guidelines, when the appropriate percentage of owners is assembled, the person running the meeting presents the motion, which is seconded, and a vote is taken. (Follow Roberts Rules of Order, for the most appropriate guide to conduct the meeting.)
Finally, develop a plan for operating the business of the association with new board members, which you may need to elect, or appoint -- if at least one elected board member remains from the old board.
What is building property protection on a condominium policy?
Your broker can help you understand the extent of coverage under your association's master insurance policy. There is no standard among insurance vendors.
Usually, 'building property' includes all of the building(s) owned by the association as common area/ limited common area -- boundary definitions are included in your governing documents. You may or may not have coverage over the foundation, and/or the landscape assets.
What is the cost of a home appraisal for a condominium in California?
There is no standard cost for an appraisal. This work is generally based on the scope of the work, which varies according to who commissions the appraisal, the type of appraisal and the size of the property being appraised.
A local realtor can give you a better idea of what is common in your geography for the kind of appraisal you want.
What is encumbrances in condominium properties?
In any real estate ownership situation, according to Wikipedia:
" An encumbranceis a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value. ...
"Encumbrances include security interests, liens, servitudes (e.g. easements, wayleaves, real covenants, profits a prendre), leases, restrictions, encroachments, and air and subsurface rights."
Some will consider the covenants, conditions, restrictions and reservations/ regulations (CC&Rs) defined in your governing documents as encumbrances.
Your board or association manager can help you understand what elements of your real estate assets fall under this definition: there is no standard.
Does my condominium rider protect me?
Contact your broker and verify that you have purchased the coverage that you need -- the broker can explain when/ how your rider protects you.
How do you find out legally if an apartment style condominium has a garage?
You need to visit the land records office, look up the master deed of the condominium and read it and all the other related documents for the sections that address parking.
You need to visit the land records office, look up the master deed of the condominium and read it and all the other related documents for the sections that address parking.
You need to visit the land records office, look up the master deed of the condominium and read it and all the other related documents for the sections that address parking.
You need to visit the land records office, look up the master deed of the condominium and read it and all the other related documents for the sections that address parking.
What is the difference between a condominium hotel and a time-share?
The difference is in the ownership of the property. Read your governing documents to determine if time-share use is permitted by owners. The definition for a hotel implies irregular lengths of stay, as does time-share.
The difference is in who owns the unit. A condominium unit owner may not be able to use the unit as a time-share unit; whereas a hotel unit can be used for irregular lengths of stay.
What is the standard warranty in constructions in building condominium?
Each state law is different in this regard. Some states have special construction defect windows; others construction and habitability laws.
What is a governance form of a condominium?
There are multiple forms of governance for a condominium. One is the land use and another is how the association conducts its business.
Generally, land use is defined by the CC&Rs. You can find these recorded in the local land-use office.
Generally, the business affairs of the association are conducted according to a corporate standard, often a non-profit corporation. You can find these recorded -- if it is a corporation -- with the state Secretary of State.
Finally, the individual governance for each community is contained in the association's governing documents, which are patterned after state laws, and can be modified by votes of the board and or of the membership: owners of the condominium.
What is a quorum in a condominium?
From Wikipedia, the definition of a quorum is:
"A quorumis the minimum number of members of a deliberative assembly (a body that uses parliamentary procedure, such as a legislature) necessary to conduct the business of that group." [more under Discussion]
In a condominium, your governing documents are specific about the number of people required to make up a quorum, based on the total number of people involved in condominium ownership.
A quorum of the board of five persons, for example, is three persons. A quorum of owners is the number of owners -- based on percentage of allocated interests owned -- and is usually more than 50% of total ownership.
What happens to the loan when the condominium forecloses for assessments?
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.
What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.
How do I transfer ownership of my condominium unit to my son?
You should contact an attorney who specializes in real estate law in your jurisdiction. The attorney can draft a proper deed for your jurisdiction and also explain the legal consequences of the transfer of title.
You should contact an attorney who specializes in real estate law in your jurisdiction. The attorney can draft a proper deed for your jurisdiction and also explain the legal consequences of the transfer of title.
You should contact an attorney who specializes in real estate law in your jurisdiction. The attorney can draft a proper deed for your jurisdiction and also explain the legal consequences of the transfer of title.
You should contact an attorney who specializes in real estate law in your jurisdiction. The attorney can draft a proper deed for your jurisdiction and also explain the legal consequences of the transfer of title.
What makes up betterments and improvements in a condominium?
This terminology may be being used relative to a master insurance policy and coverage.
One definition might be that betterments and improvements could be upgrades to existing fixtures, equipment, appliances and so forth.
This is to distinguish these investments from 'additions and alterations', which could be adding a patio or converting a closet to a bathroom, for example.
If your question involves insurance, best practices dictate consulting with your broker or carrier to fully understand their definition of these terms.
Regardless of who's using the terms, they should define them for you so that you can fully understand them in the context of your situation.
Can a homeowner in a condominium association be the paid property manager?
Overall, this is probably not a good idea.
Read your governing documents to determine whether or not this practice is allowed. (It is generally forbidden if the owner is also a board member.)
Next, think through the process and determine whether or not the homeowner will be able to survive the differences of opinion that will arise in the course of performing these duties.
(To the homeowner: Remember, you live with these people.)
The role of a knowledgeable property manager includes not only following the governing documents for the community, but following the state law that governs condominiums. This position is a heavy-weight, professional role.
A property manager can advise the board about matters and processes based on local experience, which is critical to a board in three basic areas:
- Business and finance
- Governance
- Community
A homeowner without the requisite expertise and experience may also face personal liability if matters become contentious.
In the link, below, you can read more about the role of a property manager and how to choose one.
What are advantages and disadvantages of living in a condominium?
Depending on your life-style and your values, a condominium may or may not be a smart place for you to live.
If you don't like rules, prefer to live noisily, keep odd hours, own many vehicles/ tools and so forth, produce large parties, traffic heavily with your friends, a condominium may not be your best choice.
If you want to live simply, quietly, with neighbors who share your real estate values, and are willing to pay someone to maintain, preserve and protect your home, a condominium could be a perfect match.
The mistake to make is to buy a condominium without first reading the governing documents, the last three years' worth of minutes and financials and having never owned a home before. In order to rectify this error, educate yourself about the condominium community where you want to buy a home before you purchase a unit.
The biggest disadvantage is a buyer's ignorance.
Does the Illinois condominium act supersede an association's own condo docs?
Your question exceeds the level of accuracy that WikiAnswers can provide in this case, because you haven't given us the details.
Generally, the state condominium law supersedes a community's governing documents when the docs don't address a specific issue and the state law addresses it. Otherwise, the state law simply serves as a guideline -- a template -- to the developer and the attorney who craft the community's docs.
However, where the two are different, you may need the advice and guidance from an attorney who specializes in condominium law to help you determine that your association's docs are invalid and unenforceable in light of the state condominium law.
For example: If the state law reads that "except as provided by the declaration the unit boundaries are drawn at the studs" and your docs read that "the unit boundaries are drawn at the paint/ wallcovering", the condo documents may prevail.
In your case, best practices indicate that you pay for professional advice.
What percentage does a deeded parking garage adds to the total value of a condominium?
Your answer depends on the location of the condominium and its parking amenities.
A condominium next to a NFL stadium with a deeded parking spot may be able to rank the parking asset higher than a continuum next to a free municipal parking lot.
