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Read your governing documents -- including possible board meeting minutes that document the board's approval of the contribution -- for a context of the phrase: 'one-time capital contribution'.
Depending, then, on its context, literally it means that once, owners are required to contribute an amount of money to a fund -- usually capital reserves -- in order to pay for capital improvements to real estate assets owned in common by all owners.
Your contributory share depends on your allocated interest in that common ownership.
What else can I help you with?
Have Florida legislators passed a law to force condo owners to pay their condo fees?
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
How do you form condo owners assoc?
You hire an association-savvy attorney in your state who tailors the state's condominium law -- if there is one -- to fit you, the developer's, business objectives. The original association documents include the language to protect the developer's initial interests, and also includes the language the original buyers will use as the foundation for their governing documents. Usually, the association is a non-profit corporation within your state -- but it could be a profit corporation if the association owns amenities that it rents out, such as a golf course. Your association-savvy attorney can help you understand how to define, craft, file and operate a condominium owners association.
Is the deductible on a condo-owners association insurance policy considered a loss assessment?
It often is considered that and often a person's policy on their personal condo will extend to pay up to $500 of the Association's deductible. Could be less than $500 depending on how much the Association's deductible is and how many COA members there are.
Does loss assessment cover anything?
covers you for a loss assessment made by an association of property owners on common property for a "covered" cause of loss. important distinction there. i.e. condo needs a new roof due to old age - not covered. Also there are protections built in for deductibles - so condo association cannot have an extremely high deductible and instruct association owners to put in assessment claims
What are condo owners rights to post lease signs?
Read your governing documents to determine restrictions on signs. These restrictions may be in the By-laws, in declaration amendments or 'House Rules'. You can query your board, any director or your association manager to get the answer you want. There is no standard.
Is a unit of a condo association able to secure a SBA loan if association rents out property?
SBA loans are vetted for use by small business. The association may be a small business, but the purpose of the loan should be to expand and grow the business, which is not a goal of an association in a common interest community. If the association needs money and wants to take out a loan, there are banks that will loan money to associations, based on the association's ability to collect assessments from owners. Best practices dictate that the board sit down with a banker to discuss loan options.
How to Determine What Type Of Condo Insurance to Buy?
Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided. The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost. If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.
Is the land under the condo unit owned by the unit buyer or the condominium corporation?
Read your governing documents to determine what is owned by individual owners and what is owned by the association.
Can condo fees be garnished?
Condominium assessments are income to the association. If there is a judgement against the association, owners who pay assessments may be liable to pay the judgement under a special assessment. Condominium owners pay assessments to support the operation of the community. Owners may have their income garnished, even those monies earmarked to pay their assessments.
In California do condo owners have the right to have a dog?
Regardless of the state where you live, your governing documents determine the pet policies for the community.Read them to discover the pet policies for your condominium association.
Do owners know that when they sue their condo association they sue themselves?
Some know, some do not know. Condominium-savvy owners understand that they purchased property that operates as a private democracy based on the governing documents in effect over the association. People who do not understand the ownership, business and operational structure of the association often behave in ways that affect the association, their neighbors, and themselves in adverse ways.
Who owns the huntington condominiums?
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
