WHAT IS A CONDOMINIUM?
A condominium consists of an individually-owned “Unit” and a share of group-owned “Common Area”. The “Unit” is the space within the walls, floors and ceilings of a dwelling, and the “Common Area” is the remainder of the property. Owners pay their own mortgages, property taxes, and utilities, plus monthly “Homeowners’ Association Dues” to cover repair and insurance of the Common Area. A lengthy document called the “Covenants, Conditions and Restrictions” or “CC&Rs” establishes the rights and duties of the condominium owners. What properties qualify for conversion? Only 2-6 unit properties may convert. They qualify only when they (i) meet occupancy requirements, (ii) win or bypass the conversion lottery, and (iii) for lottery conversions, satisfy “tenant rights” rules. Can eviction history disqualify buildings from being converted to condominiums? A law passed in May 2005 prevents certain buildings from qualifying for conversion based on past tenant evictions. The main points of the law
A condominium is a form of home ownership in which individual units of a larger complex are sold, not rented. These units may be renovated apartments, townhouses or even commercial warehouses. Contrary to popular belief, the word ‘condominium’ does not apply to the type of unit itself, but the legal ownership arrangement. Any multi-unit structure can ‘go condominium’, meaning occupants must either vacate the premises or purchase their apartments outright. Those who purchase units in a condominium technically own everything from their walls inward. All of the individual homeowners have shared rights to most common areas, such as the elevators, hallways, pools and club houses. Maintenance of these areas becomes the responsibility of a condominium association. Every owner owns a share of interest in the condominium association, plus an obligation to pay monthly dues or special assessment fees for larger maintenance problems. A condominium arrangement is not the best option for every poten
A Condominium is a legal structure, placed and registered on a property, which has the legal effect of subdividing into individual private units. These units share common use areas and common property. Private units may be enjoyed only by the exclusive owners thereof, whereas common areas and common property may be used and enjoyed by all owners.
A condominium building is like an apartment building. However, instead of renting your individual apartment (unit), you own it. Others who live in the building also own their units. In addition, all of the owners in the building collectively own and share the common areas (hallways, laundry room, exercise room, etc.). So when you invest in a condo, you invest not only in the unit youre purchasing, but indirectly in the units of others and in the common areas as well. You invest in the philosophy that collectively, all unit owners will help run your building and maintain a satisfactory or even exemplary standard of quality for the benefit of all owners. This is done by electing a Board of Directors, who in turn hires a management company to oversee building maintenance, record keeping, and the collection of Condo fees. The Board also solicits support from the unit owners for the distribution and execution of things that need to be done to keep the building running well. Remember that it
A homeowners association, consisting of all the members, manages the common areas usually through a board of directors elected by the members. The same concept exists under different names depending on the jurisdiction, such as “unit title”, “sectional title”, “commonhold,” “strata council,” or “tenant-owner’s association”, “body corporate” or “condominium association.” Another variation of this concept is the “time share”. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute. The rules for condominium government or management are established in a document commonly called a declaration of condominium. The owners and occupiers of condominiums are subject to rules in the declaration of condominium or created by the condominium association, such as paying required monthly fees for maintaining the property’s common areas. Condominiums are commonly owned in fee simple title, but can be owned in ways other real estate can be owned, su
