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Is a locker or storage in a condominium a common property or limited common property?
Wiki User
∙ 11y ago
Read your governing documents to identify which definition applies to your particular locker or storage area. There is no standard.
Wiki User
∙ 11y ago
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Is an entry door to a condominium unit considered a common element?
It depends on your condominium governing documents, where you can find a list of assets owned as limited common elements, meaning assets owned in common for the benefit of a single or a single group of owners. Generally, in a high-rise condominium, for example, unit entry doors are considered limited common elements.
Is condominium unit considered real property?
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium.
Who pays for property insurance in a condominium?
In a condominium usually the board pays for property insurance on all common areas. An individual owner pays for 4 walls, the ceiling, the floor, the inside of the door, and everything in between.
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
Does condo ownership only include the inside the unit from wall to wall and ceiling to floor?
You can find the answer you want in your governing documents, and in your state's condominium law.The state can define the border between a unit owner's property and property owned by all owners, in common. The governing documents may amend, alter or change these default definitions.In addition to owning at least the space where you live -- however your ownership boundaries are described -- you own, with all the other owners, the common areas and limited common areas in the community.Depending on your governing documents, you will pay property taxes on some portion of the condominium property you own, up to 100%.
Is the frame and crawl space a common element of a condominium?
Your governing documents can make this clear. Every condominium's definition of the ownership boundaries is different from every other property's definition. Because of fire codes, if you're referencing the frame and crawl space exclusively above your unit, it's possible that they are referred to as limited common elements -- or common elements, depending on legal phrase used by the developer and the attorney s/he hired to craft your governing documents.
Is Attic Common Element of Condominium and Covered by Associations Insurance?
Read your governing documents to determine the boundary between what is owned by individuals and what is owned in common with all other owners: common areas/ limited common areas. As well, the association's broker can help you understand what is insured in the attic area, if the policy is an all-in policy. There is no standard. Best practices dictate requiring owners to carry individual HO-6 insurance policies to cover their property, which may include items stored in their attics or the association's attic/ storage areas.
What is the Maryland law regarding limited parking in a condominium parking lot?
States are not involved in the operations of amenities owned by common interest community associations.If you have strong feelings about limited parking in your condominium lot, make your wishes known to the board and bring up the topic for discussion in an open board meeting.
What is considered common area in a condominium?
A stairwell that leads to a single upstairs unit; a deck outside a condominium accessible only by one unit; the roof area accessible only by the penthouse; assigned parking slots assigned to a single unit.There are other examples of limited common areas unique to unique condominium communities, depending on their location in the world.Examples of common property are the pool, the clubhouse, or the golf course.
Is a condo private property?
Each condominium unit is the private property of its owner.The land enclosed within the boundaries of the condominium project or community is private property as regards the general public. No one who does not have an interest in the condominium has the right to use or enter the property.Exceptions would include such people as the owners' agents, employees, invitees, municipal workers, utility worker, postal workers, repair personnel, etc.
What is the price of a condo?
When you purchase a condominium, you purchase the unit. As well, you purchase an interest in the real estate assets owned by the community. These assets may include common areas, limited common areas, amenities, roadways, parks and so forth. Generally, all these assets are included in the price of a condominium.
What does loss assessment mean on a homeowners policy?
Loss assessment on a homeowner's insurance policy is protection against getting sued for a person being injured on the property. This is a common insurance that condominium owners need to protect themselves from lawsuits for someone being injured in the common areas of the condominium complex..
