Condominiums

It depends on what the association has '...a right of first refusal' over.

Legally, the right of first refusal is a contracted right that gives the holder -- association in this case -- the option to enter into a business transaction with the owner -- probably of real property in this case -- according to a unique set of terms, before the owner can enter into a transaction with a third party.

If the association has the right of first refusal over the purchase of a unit, then, in order to sell the unit to a buyer other than the association, a seller must first offer the unit for sale to the association, and the association must refuse to purchase the unit.

Once the transaction has been refused, the owner can sell the unit to a buyer other than the association.

The terms of the right of first refusal can include a price, a payment plan and so forth.

You can go to the local hall of records and find the name of the current owner(s). Locating the owner(s), then, requires that you discover where to locate the person(s) you seek, by name(s).

From the association's viewpoint, a positive aspect is that this filing presents a position to all creditors that the association is working through its cash flow/ debt issues, so that payments can be made to retire debts albeit under terms different from the original debt terms.

Because this statute provides for the appointment of a trustee who essentially takes over the business operations of the association, the volunteer leaders of the association can learn from a knowledgeable leader about how to operate the business of the association and prevent the issues that precipitated the bankruptcy.

One disadvantage may be for association vendors that are small businesses, who depend on the original terms of their agreements to provide services to the association and its members, for their livelihoods.

Your association attorney can best review your particular situation and point out specific pros and cons for your association.

Bankruptcy-centric amendments to this answer are welcome, as are debtor-centric amendments.

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.

The answer depends on what's written in your governing documents.

As well, if the husband and wife own the same condominium unit, voting is problematic, since usually only one vote per 'door' is permitted. This may complicate board votes if both are trustees -- board members -- of the association.

Best practices would dictate that one or the other sit on the board -- act as a trustee -- at a time.

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.

Condominiums are owned according to the provisions of laws that govern the ownership of real property and condominium law, which may vary in different jurisdictions. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a multi-unit building(s) by each owning their respective units within that building.

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. Unit owners pay monthly fees for their share of the upkeep and maintenance of the community and special assessments when extraordinary repairs or improvements must be made. For example, if there are ten units the unit owners would each own a 10% interest in the common areas.

By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed and any rules and regulations promulgated by the unit owners' association. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly fees and special assessments, the ownership of a condominium unit is considered a fee simple estate. That means the owner has the right to sell that unit and if she dies, ownership of that unit will pass to her heirs.

This is a public document, a copy of which you can find on file at your local county or provincial property tax assessor's office.

Generally the term 'condominium resort' refers to a collection of residences built in a resort area. A unit in the complex may be referred to a 'resort condominium'.

Sometimes the governing documents require that the residence be available for rent for a fixed minimum number of days or weeks during the year.

Creditors may certainly look to seize/attach your assets of most types to pay the debts you promised or obligated to pay and don't. They also get to recover any costs for having to act to have you adhere to your legal obligations. However, they must have court authorization to do so, and commonly, other options, like garnishment of wages or liens against the assets (which continue to accrue costs to you), are used first.

Refer to your last similar Q. Yes you have a 125K Federal Homestead Exemption. Yes you have issues that need to be protected by an attorney in the BK process (any creditor will have one and they will want to seize the house - which if not properly homesteaded and then defended, can still happen. And other issues that could use some professional financial planning to make sure you get to use the fruit of your labors....check with a trusted source like the AARP for referrals. If you don't have a great deal of debt, other than the 11k mentioned before (which is on the house and may not be eliminated)...the process is probably not worthwhile......you would be better off negotiating a discount on the debt to pay it off. If you do have a lot of debt, a reasonable question may be where what was purchased went....THAT can effect the amount of your Homestead exemption, for example...and if you had and revealed a $238 income when applying for credit - or if perhaps your application said something else....(and other assets). Intentionally incurring debts you knew you couldn't pay may not be covered by BK and may well be criminal - but YOUR ATTORNEY should make sure that isn't a problem.

www.mapquest.com

since its too far away from someplace, some condominiums provide a free bus service to nearby malls, train stations etc

The governing documents for the condominium association, known as Covenants, Rules, Regulations and Restrictions (CC&Rs), the associated By-laws and any Board Resolutions constitute the steps and processes involved in an eviction process.

As well, there may be state laws regarding eviction that must be followed in order to evict anyone from any type of real estate.


No two condominiums are exactly alike, regardless of where they are located. One of the things that makes them unique is the governing documents.

You need to review the Master Deed to determine if the Board of Directors must be comprised of property owners. If that is the case then your spouse would not be eligible.

Condominium ownership means paying bills for the community each month through assessments. Bills cover master insurance policy premiums, payments to reserves -- a savings account used to pay for major repairs to the buildings, such as a new roof, new windows, paint and so forth. In addition, assessments pay water and sewer bills, landscaping expenses and other professional services.

Boards budget for expenses annually and establish the monthly amounts that each owner pays in assessments.

Condominium projects are created pursuant to state law. The governing law in your state would be recited in the body of the Master Deed that ceated the condominium. You would need to review the Master Deed for the statute and research that statute to determine how to withdraw the property from its status as a condominium. It can be done.

The provisions for terminating a condominium are set forth in the statute and generally involve the assent by majority of (or all) the owners. The most common withdrawal involves a failed condominium project. In that case all the units are acquired by a single owner and that owner can apply to remove the property from classification as a condominium. Such projects are converted into rental properties. You need to check the law in your state.

Yes, a condominium can put a lien on your condo. The condominium depends on your payments to keep up the common areas. As a result, it has the right to collect its fees plus interest when you sell it if you do not pay your assessments and a lien is filed. As well, the association may be able to sell your unit in order to collect these unpaid assessments.

Read your governing documents to remind yourself of your agreement to pay assessments and of your association's responsibility to pursue you until the assessments are paid.

When you do not pay your assessments, you're essentially asking your neighbors to pay your bills.

The value of condominiums, like most homes -- dwellings -- has either stabilized or lost value during these hard times.

The most difficult condominiums to sell are probably those with higher assessments.

Conversely, this is probably a great time to buy a condominium, because the value for the investment dollar could be high.

Yes. That type of error could be corrected by recording a Scrivener's Affidavit that explains the error and correction in detail. The issue must be addressed by the attorney who drafted the condominium documents as the legal representative of the developer. The affidavit should be executed by the scrivener who executed and notarized the original document.

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.

Speak with the local US postal service and concider renting a post box at the nearest post office.

You can ask the local electric company in Fairfax, Virginia what for the average electric bill for the Penderbrook complex, for a two-bedroom unit.

They may or may not be willing to give you that information.

That type of restriction is intended to prevent the use of a unit by several unrelated parties or multiple families that might create a nuisance or overuse of the premises. Think college students.