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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.
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How do you find the title for a condominium unit in Alberta Land Titles?
The government of Alberta is responsible for maintaining a record of ownership of land in the Provence. Read more, below.
What is R-3 zoning?
R3 Zoning means the property is Multi Unit property and you can have more than 2 units on the property.
Do zoning regulations take precedence over minimum rental periods spelled out in Declaration of Condominium?
You can take the condominium declaration and its rental options to the local-land-use zoning officer, and that officer can help you determine the answer to your question.Every municipality may have a different set of guidelines and zoning regulations that cover local condominium units and their use.The governing documents' rental period restrictions are in place to preserve the use of the commonly owned assets, which you own. This restriction is part of what maintains the resale value of your unit, which you also own.
Can a condominium have a bylaw no renters?
Yes, and if your intention is to buy a condominium as a rental/income property, it's a good idea to read the governing documents to ascertain whether or not rentals are allowed.In another situation, say, such as the one that faces too many owners -- rent or be foreclosed upon, you may have another option.When no rentals are allowed, or when the association has reached its rental cap, you can petition the board and present a 'hardship' case, that indicates unless you can rent the space, you will be forced into foreclosure.The board may be willing to allow a rental in this case, especially if you present these credentials:A renter-vetting service receipt indicating that you've completed a background and finance check on the potential renter -- no names/ results, just proof that you've completed the procedureA copy of the lease you propose signing with the tenantProof of sharing the governing documents and house rules with the tenant, so that the tenant can live in the unit as an owner, without the power to voteAnd be willing to work with the board to give the association a sense of 'comfort' that the tenant will be a civil and cooperative addition to the community.Finally, some lending institutions will not loan money to buy a condominium when rental percentages relative to owner/residents is too high. Therefore, either rentals are dis-allowed, or a rental cap may be in place.
Can a landlord charge to repaint an entire unit?
In most states a landlord can only charge to repaint a unit if the painting must be done to repair damage caused by the renter. A landlord is responsible for maintaining to property but not responsible for damage caused by the tenant.
Who pays the property taxes for a condominium unit in Florida?
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
Is an HVAC unit considered personal property or betterments and improvements?
A portable unit would be considered personal property. An installed unit becomes a part of the real property.
Are property rights associated with condominiums considered Fee Simple rights?
Your condominium-savvy attorney practicing in your state can answer this question for your particular property.(Your question may be based on some action you wish to take, in which case, you could ask another question about how to go about taking the action.)The answer may vary from state to state.For example, in Washington State, the developer owned the property, and submitted it to the provisions of the Washington State Condominium Act, and created the condominium community. Subsequently, each owner purchased an allocated interest in the property.You can read more about the fee simple definitions of real estate ownership, below.AnswerThe requirements for creating an estate in fee simple are simple: 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. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.
How much do you own in your condo?
Condominium ownership is governed according to provisions of laws that govern ownership of real property and state condominium law.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. The limits of each unit are set forth in the Master Deed as well as any other additional property where use is exclusive to the unit such as parking, balcony, patio, storage, etc. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property, amenities and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas.By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly maintenance fees and special assessments, the ownership of a condominium unit is considered a fee simple estate.
What is the meaning of the word condominium?
The word condominium generally means sharing ownership with others. A condominium is legal arrangement whereby multiple owners share ownership of real property. A portion of the property in the form of units is individually owned and the rest of the property is owned in common with all the unit owners subject to the provisions of the Declaration that created the condominium and to the provisions of state law. 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 such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.
What is the difference between a penthouse and a condominium?
A condo is a privately owned unit in a multi unit building that includes common areas, facilities and various amenities. It is considered real property. A penthouse is a posh apartment at the top of a building typically differentiated by luxury features and privacy. It can be privately owned or a rental.
Why is condominium or cooperative ownership referred to as hybrid ownership?
Condominiums and co-operatives involve ownership of real property by several owners who each own a unit and a percentage of the common areas. That concept is a hybrid of historical ownership where real property is owned by a single entity.
How is a condominium owned?
Condominiums are owned according to the provisions of laws that govern the ownership of real property and condominium law, which may vary in different jurisdictions. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a multi-unit building(s) by each owning their respective units within that building.In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. Unit owners pay monthly fees for their share of the upkeep and maintenance of the community and special assessments when extraordinary repairs or improvements must be made. For example, if there are ten units the unit owners would each own a 10% interest in the common areas.By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed and any rules and regulations promulgated by the unit owners' association. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly fees and special assessments, the ownership of a condominium unit is considered a fee simple estate. That means the owner has the right to sell that unit and if she dies, ownership of that unit will pass to her heirs.
Is a crawlspace under a condominium considered part of the condo unit?
Please review your governing documents -- your CC&Rs, to discover the boundary definition for your unit. Look for the section with boundary in the title. There is no standard: every condominium is different from every other condominium.
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
What is the legal difference between a hotel and a condominium resort?
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
What is condos for sale in real estate?
A condo is a shortened form of condominium. Condominiums are owned according to the provisions of laws that govern the ownership of real property and condominium law, which may vary in different jurisdictions. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a multi-unit building(s) by each owning their respective units within that building.In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. Unit owners pay monthly fees for their share of the upkeep and maintenance of the community and special assessments when extraordinary repairs or improvements must be made. For example, if there are ten units the unit owners would each own a 10% interest in the common areas.By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed and any rules and regulations promulgated by the unit owners' association. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly fees and special assessments, the ownership of a condominium unit is considered a fee simple estate. That means the owner has the right to sell that unit and if she dies, ownership of that unit will pass to her heirs.
