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.
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.
The average cost for a 2 bedroom 2 bath Austin condominium ranges from $150,000 to $400,000. The average cost of an Austin condominium depends on the location, number of floors and amenities.
Yes, usually these calculators just allow you to put in the principal amount of the loan, number of months the loan is over, and the interest rate and it helps you figure out your problems.
In order to figure a mortgage you need 3 things - the principal amount of the mortgage, the interest rate and the term, or length of the loan. Once you know those three key numbers, just plug them into a mortgage calculator.
That depends on whether you are getting 5% simple interest, or compound interest, and how often it is compounded. Simple interest is very easy to calculate; you just multiply. $500 at 5% earns 5% of $500 every year, which is $25, so in 20 years the interest earned is 20 x $25 or $500, for a total of $1,000. But if you put the money in a savings account in a bank, you get compound interest. It can be compounded annually, semi-annually, quarterly, monthly, or daily. The more often it is compounded, the more you earn. Nowadays you can get daily interest, but that is kind of complicated because it depends on whether you figure the interest for every single day, 365 days a year and 366 in a leap year, or the traditional banking custom of 360 days a year. For example, if you compound annually, every year your balance is multiplied by 1.05, so after 20 years you would have 500 x 1.0520, which is $1.326.65 to the nearest cent.
Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest
They are held as a full interest for a specified period of time. For the times you use it, the interest is undivided.
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.
Typically yes
Yes. You are free to sell you interest to any willing buyer.
Your governing documents could specify the interest rate.
pass through certificate
If its an acronym use capitals, otherwise you really need to learn to spell
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:Does_a_townhouse_own_the_land_beneath_it_whereas_a_condominium_owners_own_only_the_unit_plus_a_part_of_shared_common_grounds_and_amenities
No. An undivided interest in property means that two or more persons own the real estate and each has the right to the use and possession of the entire property even if they own only a one-half undivided interest.
Absolutely not.They can only manage what they own. They can't take possession of someone else's property. The deed into the parties or the estate from which it was inherited determined the proportionate interests. They cannot be changed by a co-owner unless the co-owner buys out another owner's interest and acquires it by deed.
If you own an undivided one-half interest that means you own a 50% interest in the whole property. That would come into play if the mineral rights, the property, or a portion thereof was sold. For example, if the mineral rights were sold you would be legally entitled to 50% of the net profit. The buyer would be required to cut a check for that amount in your name.
Yes. Your mother would need to sign any mortgage or deed of sale for the property and any other instrument that would encumber the property. That would also apply to the owner of the other undivided one-half interest.