There could be several title risks, including but not limited to:
Risks that may affect title (by affecting your ability to sell) may include the existence of several unsold units, ineffective or non-existent condominium association, deteriorating conditions due to lack of regular maintenance and repairs, unsecured areas resulting in vandalism, rundown units, poorly maintained grounds, past due municipal charges and failure to enforce rules and regulations. All those factors may result in liens including municipal liens, and may affect your ability to resell your unit.
Single owner title is the opposite of condominium title ownership, both of which are forms of owning real estate assets.
Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.Yes. A title examination for a condominium unit covers the entire community. Any encumbrances that affect the common areas will be reported.
Once you purchase a condominium unit, whether you are its first owner or subsequent owner, the condominium declarations will always be in force.
When you purchase a condominium, your lender will determine the acceptable credit score. When you rent a condominium from an owner, the owner makes a similar determination.
Condominium associations are not usually in the business of screening buyers. If you believe that you have been denied the ability to purchase a condominium unit, contact a civil-rights savvy attorney to help you make the purchase you want.
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.
No, FHA considers a condominium a condominium, and a single family home a single family home. The styles of legal ownership and title are different.
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.
Any real estate purchase is an investment. Condominium as a form of real estate ownership can cover residences, businesses, recreational areas -- boat slips in a marina, and more.
You typically get a Condominium Declaration from the developer or the property management company of the condominium complex. It is a legal document that outlines the rights and responsibilities of the condominium owners and the rules and regulations of the complex.
Depending on the county and state where your condominium is located, and depending on your governing documents, assessments and fines can automatically become liens on your condominium title. Otherwise, your condominium Board of Directors may choose to file a lien until the special assessment is paid.
Less risk of break in. Better view. Usually quieter.