Depending on the state of the project at filing time, there may be several options.
First, if there are owners involved who have purchased units, especially those with mortgages, those entities should have consideration under the bankruptcy filing.
Second, the developer, if there have been buyers, must have supplied a Public Offering Statement that contained the original governing documents for the association. An association-savvy attorney can help owners work through their options given these documents.
Finally, state law, governing documents and mortgage lenders will all have an interest that the legal community will handle. If your unit is uninhabitable because of the lack of basic services, your HO-6 insurance policy may cover your residence at its expense, possibly up to a cap. Your broker will explain your options.
There is no standard for how these matters are handled, since every condominium community is unique, different and individual.
You can find the details you need in the City Hall for the city where you plan to build the condominium project. You may also need to register the project with the county and with the State of Pennsylvania. Your condominium-savvy attorney and help you register your project within Pennsylvania.
You would need to check each particular condominium project to determine what it offers for facilities.
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.
No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.No. Cleopatra was not a builder. The one project that she built was a temple to Julius Caesar, that was all.
In a Condo...there is no separate building to file for BK. The individual Condo owners pwn fee simple title, (that is complete title) to their unit.That could happen in a Co-op...where the building is owned essentially by a Corporation and the Co-op owners own shares in it.Another Legal PerspectiveAlthough you haven't provided much detail, if there is a bankruptcy then there must be outstanding debt.Condominium ownership is a complex issue, especially in cases of bankruptcy or foreclosure affecting the developer when the construction has not been completed, there are unsold units and there are outstanding blanket mortgages and other debts that affect the condominium parcel and the common areas. Condominium projects have been victims of the depressed real estate market and many developers were funded for projects that were not well planned or stable from their inception.A unit that has been sold is the property of the buyer. However, if the condominium project remains unfinished with outstanding debts, it is also likely that a viable condominium association was not established and the business of the condominium is not being monitored (condo fees, utility bills, insurance, maintenance, etc.). That type of situation leaves the unit owner in a position of owning a property with a decreasing value and without the customary benefits of condo ownership.Many condominium projects "go under" and unit owners are left with an unsellable unit in an unfinished condominium. Sometimes another developer will purchase the developer's interest and complete the project.
as of 9.1.09, there is no builder or interested party that is going to finish the Casa Bella project or Drexel Park project in Delray Beach FL
The consequences vary depending on who is involved.If you are invested in such a project, best practices dictate that you work with an association, or at least real estate savvy attorney to help you recoup your investment.AnswerThe lender will try to market the project to find another developer willing to complete the construction. Generally, if it is successful the bankruptcy court will allow the property to be sold.
American Builder - 2004 Constantine Project Review 1-31 was released on: USA: 9 May 2005
Every condominium project is organized under governing documents that include rules and regulations. Most allow pets and some do not. You would need to check any particular condominium to determine if cats are allowed and the rules that govern pet ownership.
The first condominium in the US was developed in the US Commonwealth of Puerto Rico in 1958. The first condominium project in the Continental US was in Salt Lake City, Utah in 1960, under that state's condominium law passed in 1960. There were condominium laws in every state by 1969 and condominium is the legal term used in the US and Canada. Other terms are used throughout the world.
this is a builder floor project in sector 93 Gurgaon and built by the ROF group and this is built over the 10 acres of land the builder offers 3 bhk independent floor in this project. For more information visit our site
A 'green condominium' may be a condominium project built with assets focused on sustainability. Assets may include solar panels, rain-water capture mechanisms, native landscapes that require less water, even water-purification systems, perhaps, for using grey water to irrigate the golf course. There is no standard; the Public Offering Statement will describe the extent of 'green' in a condominium project. Then, governing documents including board meeting minutes will educate you in how the administration of the 'green' assets has progressed over time.