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Assessments are paid by owners in condominium associations so that the community's operational expenses can be paid.
Read your governing documents to determine how individual owners are assessed their share of assessments: allocated interest can be square footage, unit location or other determination.
What else can I help you with?
If I file bankruptcy and I'm on the deed for my son's condo can they take the condo away?
Your interest in the condo will be considered part of your assets.
50 of the condo allocated for loggin?
Condo allocated for logging is recover unpaid assessments. This is in time builds up interest.
Can a condo declaration be changed?
Of course. Often with a simple majority.
Your dad transferred the deed to his condo to your name and reserved a life estate he married after the transfer does his wife have any legal interest in the condo?
If your dad conveyed his condo to you by deed and reserved a life estate for himself then he can use and occupy the condo during his natural life. The life estate will be extinguished upon his death or if he relinquishes it to you by a deed of release before then. His wife has no interest in the property.
If a leak from my condo damaged the condo below mine and neither of us have insurance who would be responsible for paying for the damages?
If it was determined that the condominium did not bear any blame, then you are the one who would be responsible.
How much does a condo or a house cost?
There is no standard amount, pricing being determined by individual markets where the condominium or house may be located.
What is an condo?
A condominium is a style of real estate ownership, where a buyer purchases a unit plus an interest in all the real estate assets in the community, based on a formula for allocated interest.
How do you figure undivided interest in a condominium?
Every condominium community calculates this differently, and your answer is available in your governing documents.Look in every index for 'Allocated Interest', and review which scheme is in use for your community.Often, interest is divided by unit square footage, or a raw percentage of total ownership.The square footage model is usually used in communities where some units are situated in a more 'desirable' location than other units, i.e., top floor penthouses.The raw percentage model is used if all units are equally desirable and of an equal size.To find the particular undivided interest of any particular unit can be difficult in some cases. If all the units were created at the same time, the common interests remain static and can usually be determined by an exhibit attached to the Master Deed. That information is required by most, if not all, condominium statutes.However, in some jurisdictions, condominium projects are created in phases over a period of time. In that case, when completed units are sold, the developer builds a few more units using the proceeds. As units are added the undivided interests change for all the units (so they always add up to 100%) and are set forth in a new exhibit to each phasing amendment to the Master Deed. The final analysis can be difficult to determine and must be accomplished by a review of all the condo documents that have been recorded in the land records.
Do in condo washing machines overload condo plumbing?
Not if the condo was built to code.
What has the author George Condo written?
George Condo has written: 'George Condo'
owner?
Condo Roccia
What is involved when inquiring about a condo loan?
When inquiring about a condo loan a person needs to know what they want to spend, what features they desire in the condo and where they want the condo to be located.
