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
When does a condominium association cease to be an association?
Usually, the association must be dissolved in order for the association to cease. (It may not be in good standing under the guidelines of the Secretary of State, but not filing your annual renewal -- if one is required in your state -- but this may not automatically dissolve the association.)
Your governing documents may provide a process or method of dissolving the association.
Dissolution usually occurs in the case of a disaster that essentially destroys the physical structure.
Dissolution may also be used when the project's developer has established an association favourable to the developer and then the developer abandons the project. Remaining owners, including the developer's lenders, may choose to dissolve the faulty association and form another that is more useful to the operation of the community.
NB: The status of the association is the business status; the declaration status, which is the land-use status, is not affected when the association's status is changed.
How do you remove condominium property management company?
Condominium associations are governed by: (1) State Law, (2) the documents creating the condominium, usually the Declaration of Condominium, and (3) the Bylaws of the Condominium Association.
Often, a condominium association will hire a property management company to manage the day-to-day operations such as collecting assessments, paying routine bills, handling calls from unit owners, etc. The property management company will usually enter into a contract that outlines the duties and obligations of each party. That contract should contain terms including the length of the contract and methods of ending the contract early.
As with any contract, there are other remedies based in contract law. For example, if the management company is not living up to their obligations in the contract, they may have "materially breached" the contract in a way that would allow the the association to terminate the contract due to that breach.
Usually, a property management company will agree to terminate a contract where the arrangement is not working out. Of course, it is the association, not the property owners, who makes the decision to enter into a contract or what steps should be taken in the course of business.
The Bylaws of the Association usually outline the structure of the governing body. This is usually a Board of Directors with several officers. The number of board members and how they are elected will be established by the bylaws. Often, the board will elect or appoint officers of the association such as a President, Vice President, Secretary, and Treasurer.
It will usually be up to the Board to make decisions regarding the hiring and firing of a property management. However, it is not unusual for a board to delegate such powers to the President of the Association.
Depending on the state where the property exists, and depending on the legal status of the two different kinds of real estate ownership, there could be differences in prices and taxes, and rights. Usually, for a condominium, an owner owns all the 'real estate' from some point in the walls inward: studs, sheetrock, paint, etc. Then the condominium association owns everything from that point outward: roofs, siding, pavement, landscape, common areas, etc.
Usually, for a co-op, a buyer buys shares of ownership depending on the square footage of the unit involved, and cooperatively owns that percentage of the total real estate assets.
Consult your local laws for differences in taxes, your local real estate expert for differences in prices, and the separate governing documents for rights.
Is the space between the two floors of a duplex condominium common area?
Read your governing documents to determine the line where your ownership stops and where the ownership by common area or limited common area, the association's ownership begins.
Usually, individual ownership begins 'at the studs', 'at the skin', 'at the paint' or some other properly described line of demarcation.
Who enforces the Washington State RCW Condominium Act?
The Washington State Condominium Act -- RCW 64.34 (Revised Code of Washington, section 64.34) -- documents the law in Washington State covering condominiums built after July 1, 1990.
Depending on the situation that requires enforcement, there may be several enforcing entities.
For example:
- During construction, it may be local building code inspectors;
- During development, it may be the developer's attorney who guides the developer proceeding legally under the law;
- During the developer's control period, an owner's attorney may require adherence to the law;
- Once the association is established, the governing documents for the association can be used to enforce its guidelines, which are preserved, allowed, limited and restricted by the state law.
A Washington-state attorney familiar with common interest community law can answer your particular question, given your particular scenario.
A recommendation is not a prescription. Yes, a condo can have by-laws that prevent you from having pets. You could attempt to bring a Civil Rights suit, but I don't believe it would be successful.
Read your governing documents so that you understand the petition process. Bring the medical recommendation and proof that the animal is well-behaved, up-to-date medically, and small enough for you to carry.
Communities, especially hi-rise communities, ban dogs, because of the inability of some animals to behave in a consistent, calm and civil manner in common hallways and elevators, thus disrupting and disturbing other people.
How do you file a condominium lien?
You should contact the law firm that represents the condominium and learn how condominium liens are handled in your state.
How do you add your spouse to the deed for your condominium?
Deeds should always be drafted by a professional unless you are fully informed and understand the consequences of the transfer and the tenancy that will be created in the new deed. Errors made by non-professionals in drafting deeds can be expensive to correct if they can be corrected. An error might not be discovered until the property is sold. In many cases of deed errors, the original grantor is deceased at that time and the corrections can be complicated and expensive.
You should also keep in mind that mortgages have clauses that any transfer of interest can trigger a demand for payment in full.
What is the difference between buying a co-op apartment vs. a condominium?
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.
How much money do you give to condo staff for Christmas?
That depends on a myriad of factors relating to the type of condo, building arrangement, years you have been living at the condo, years the conceirge has been working there, the amount of HOA fees per sq feet you pay, how much you like the concierge, how many of them there are, how long they keep your packages, whether they open the door for you and, did I mention, how much you like them. If you own a place in New York, usually $100/concierge If you live outside of New York, say Atlanta or Chicago, usually $15-25/concierge.
Owner can be interpreted more broadly than just the deed holder. It frequently includes individuals who have an equitable interest or direct control over the unit due to legal arrangements such as a life estate. That said, this can vary not only by local regulations but also by specific wording in your condo's by-laws.
Subtle differences in wording can sometimes result in significant implications. To be absolutely certain it would be wise to have a legal professional familiar with your local laws and specific by-laws to weigh in.
At Daisy Property Management, we've found that a broader interpretation of "ownership" often applies to the question of board eligibility. That said, it really all comes back to your specific by-laws. It's always beneficial to foster an inclusive environment, as many hands and minds can make light work of running a successful condo association.
What is the origin of condominiums?
The style of ownership in the modern world dates back to the early 1700s in Europe. The first condominium law in the United States was enacted in 1958 in Puerto Rico. Utah followed in 1960. There were condominium type arrangements in the ancient world with multiple dwellings built within a single exterior structure.
Is condominium parking space ownership without unit ownership possible?
No. Generally, when an exclusive parking space is appurtenant to a unit there is a restriction against the transfer of that exclusive parking space except when conveyed with the unit. Also, the right to use non-exclusive parking spaces cannot be separated from the unit deed.
Do you own land when you own a condominium?
You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.
Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.
For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.
For a discussion of what you own when you own a condo unit in the State of Washington see the following:
http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/
See also the following related question discussing the difference between condominium units and townhouse units:
How long will a lien last on a condominium in Florida?
Generally, liens for non-payment of assessments remain on the title to the property indefinitely and can be reflected in the owner's credit report.
A lien placed on the title by a contractor may have different parameters that one placed on the title by the condominium association.
Your best answer will be given to you by an association-savvy attorney after you present a copy of the lien for an explanation.
To calculate the property tax, first convert the tax rate from mills to a decimal. A rate of 25 mills means 25/1000, or 0.025. Next, multiply the assessed value of the condominium ($110,000) by the tax rate (0.025):
$110,000 x 0.025 = $2,750.
Therefore, John and Mary Billings will pay $2,750 in property tax.
Can you own a condo fee simple?
Read the governing documents to understand the boundaries between what you totally own and what you own in common with all other owners.
Often what you own totally is defined by 'from the paint in', from the studs in', from the wallboard in' and so forth.
What is a Declaration of Condominium?
The recorded instrument that is sometimes called a Declaration of Condominium is the legal document that actually creates a condominium development under relevant state law.
In Massachusetts it is called a Master Deed. A master deed submits the real property and the buildings to the statutory provisions that govern condominiums, divides a single property into individually owned units, includes restrictions and rules and regulations and provides for ownership of common areas.
List requirements to build a condominium in New York City?
You can research your answer from many sources, which include:
- Amount of land required to build the number of floors you plan
- Permitting options from the City, County and State
- Architectural requirements
- Building structural requirements
And so forth.
A good place to start would be to interview a working building developer in New York City.
Yes, typically the extent of the actual land owned in each is different.
Generally, a townhouse is one of a row of attached dwellings that share common side walls. Therefore, a townhouse is an individually owned building attached in a row with other individually owned buildings. Each townhouse owner owns the land beneath that unit. To confuse the issue of townhouses, some condominiums are called townhouse condominiums. In that case the term refers to the style of the condominium buildings.
A condominium unit owner owns a unit and a proportionate interest in all the land beneath the condominium community and the common areas based on the size of their unit. All the interests of all the unit owners would add up to 100%. That interest is expressed as, “Unit 201 including a .0987 percent interest in the common areasâ€.
What is strata title management?
Strata title was first introduced in 1961 in the state of New South Wales, Australia, to more successfully manage the legal ownership of apartment blocks. A unit title can be referred to as a strata title or stratum estate and units can either be owned in fee or leased. A stratum freehold would be a unit owned in fee. That status is also referred to stratum in freehold.
Such communities are managed by a corporate body that sets forth rules, regulations, rights and obligations. There are usually monthly fees. This form of fee ownership is comparable to condominium ownership in the United States. Several other countries have adopted the Australian system.
Do all condos have association fees?
Yes, generally.
Associations levy assessments against unit owners in order to pay for communal expenses. These might include:
- Master insurance policy premiums
- Landscape, pool, public recreational area maintenance
- Basic utilities, and/or cable and Internet services
- Contributions to maintenance reserves and other reserves, so that real estate assets you own in common can be replaced at the end of their useful lives
- Professional services, such as tax preparers, property managers, reserve study experts, building inspectors and so forth
When you purchase a condominium, review the governing documents to confirm that you will be responsible for assessments, and to understand what steps your potential association's board must take against you, should you fall into arrears.
Part of condominium life is freedom from exterior maintenance of your home. The price for that freedom is assessments.
Finally, when you purchase a condominium you become a member of a multi-million dollar (usually) non-profit corporation that is charged with the security, maintenance and preservation of the real estate assets that you own in common with all other owners.
Unless your community profits from rental of its amenities, its only source of income is association assessments.
Where do you get a Condominium Declaration?
If you are developing a condominium project, you hire an association-savvy attorney who crafts the governing documents, based on state law that governs condominiums.
When you purchase a condominium, by law you are entitled to copies of all your governing documents. (In Washington State, these documents are packaged in the Resale Certificate.)
If you own a condominium, and your copies are lost, your association manager can provide you with copies, which you pay for.
If you are interested in buying a condominium, again, you can purchase copies of the governing documents, most of which are public record.
What do I do if my Condo association doesn't allow renting?
You can find the answer you want in your governing documents.
If no renting is allowed, and you are forced to rent your unit in order to preserve your ownership and avoid foreclosure, for example, you can petition the board for an exception to its no-rent rule.
Most boards -- in these hard financial times -- would rather have a reputable tenant residing in a unit instead of working with a bank as a neighbor.
Best practices would suggest that you complete a background check on any prospective tenant, give the board a copy of your lease, so that the board understands its terms and conditions, and equip your tenant with copies of your governing documents. This way, your tenant can live in your condominium just like an owner, except without the right to vote.
However, the board has the final say in whether or not you will be granted an exception to the rule.
