condminium - defined two latin words con (with) dominium (domain) condominium represents a form of...
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CONDMINIUM - DEFINED TWO LATIN WORDS
CON (WITH) DOMINIUM (DOMAIN)
CONDOMINIUM REPRESENTS A FORM OF OWNERSHIP CONSISTING OF A SEPARATE ESTATE - AN INDIVIDUAL AIR SPACE- UNIT IN A MULTI-UNIT PROPERTY TOGETHER WITH AN UNDIVIDED INTEREST IN COMMON ELEMENTS THAT BRING TOGETHER THE WHOLE
WHAT CONDO’S LOOK LIKE HIGH RISES MEDIUM HIGH BUILDINGS ROWS OF HOMES CLUSTERS OF HOMES MANY DETACHED DWELLINGS WITH
COMMON AREA WHOSE OWNERS HAVE UNDIVIDED INTEREST IN COMMON AREAS. MORE HOUSING ON FEWER ACRES WITH
BETTER USE OF LAND AND OPEN SPACES
HOW MANY UNITS MAKE UP A CONDO OR TOWN HOME? AS FEW AS TWO AS MANY AS SEVERAL HUNDRED!
WHAT DOES A TOWN HOME LOOK LIKE ALWAYS HORIZONTAL, NEVER
VERTICAL FORM OF OWNERSHIP WHERE THE
OWNER OWNS THE GROUND, THE WALLS AND ROOF, AND MAYBE A FEW FEET AROUND THE BUILDING BE AN OWNER OF A PORTION OF THE
COMMON AREA OF THE ASSOCIATION.
MULTI STORY, MUST BE CONDO’S
DETACHED PROPERTIES
COULD BE TOWNHOMES OR CONDO’S
ATTACHED ONE STORY CONDO’S
COULD BE TOWN HOMES OR CONDO’S
QUAD UNIT – EITHER CONDO OR TOWN HOME.
THREE COMMON DEFINITIONS CONDO UNIT OR CONDO APT.
That part of a development, consisting of airspace or a three dimensional area within the walls, floor and ceiling of a condo structure, privately owned and independently and exclusively used by a unit owner.
LIMITED COMMON AREAS Those portions of a condominium’s common
areas that are reserved for the exclusive use of a particular unit owner or group of unit owners.
GENERAL COMMON AREAS Property owned jointly by all unit
owners, which ordinarily includes land and structure or portion of structure not part of the units or limited common areas.
USE, RESTRICTIONS, RULES AND REGULATIONS
USE RESTRICTIONS – HARD TO CHANGE. RULES AND REGULATIONS
PETS DOORS DECKS BICYCLES NOISE SIGNS, ADVERTISEMENTS, HOLIDAY DECORATIONS DAMAGE TO COMMON AREAS EXTERIOR LOOK AND FEEL, (DOORS, DRAPES, ETC.
ITEMS TO THINK ABOUT LOCATION, LOCATION, LOCATION LIFESTYLE OF THOSE WHO LIVE
THERE RULES AND REGULATIONS
COMPATIBLE WITH YOUR LIFE STYLE “BUSINESS PARTNERSHIP” WITH
ASSOCIATION
MONEY IN RESERVE FOR MAJOR EXPENDITURES
LIABILITY OF INDIVIDUAL OWNERS REPAIR/MAINTENANCE OF EACH UNIT PROFESSIONAL MANAGEMENT VS.
ASSOCIATION MANAGEMENT GUEST PARKING SECURITY
RECREATIONAL FACILITIES SOCIAL EVENTS SNOW REMOVAL, HOW MUCH, AND
HOW COMPLETE IS THE REMOVAL. (DO YOU CARE)
BEFORE YOU PURCHASE USE YOUR OWN ATTORNEY TO
UNDERSTAND WHAT YOU ARE BUYING, THE PERILS AND TRIBULATIONS.
TALK WITH SEVERAL RESIDENTS WHO LIVE THERE.
BE SURE TO GET COPIES OF THE ASSOCIATION MINUTES OF MEETINGS FOR PAST TWO-THREE YEARS.
BE SURE TO OBTAIN FINANCIAL RECORDS OR HAVE FORMS FILLED OUT (IN PACKET) BY THE BOARD PRESIDENT OR SECRETARY.
IS THIS OWNERSHIP FOR YOU? BE SURE YOU ARE READY TRY RENTING BEFORE YOU BUY MAYBE AN APARTMENT IS YOUR BETTER
BET. FORMS, FORMS, FORMS WHEN YOU
BUY. FORMS, FORMS, FORMS, WHEN YOU
SELL GOOD LUCK
