0
Is the land under the condo unit owned by the unit buyer or the condominium corporation?
Wiki User
∙ 14y ago
Read your governing documents to determine what is owned by individual owners and what is owned by the association.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is there condo fees with link homes?
Condominium living implies assessments, regardless of the amenities owned by the association.
How is a casita different from a condo?
Casita is a Spanish word that means small home, from casa.A condominium is a residential unit owned in a community.
What is the function of the condo?
The function of condominium ownership is to turn over the maintenance, security and safety of the real estate assets owned in common by all owners, together with the residents of the community, to a board elected by investor-owners. The board then, functions as the business leaders for a multi-million dollar corporation, depending on the type of corporation established for that association.
How is townhouse ownership different from a condo?
A condominium is always a form of real estate ownership, regardless of the style of the home.A townhouse is a style of home and can be owned outright, rented or owned as a condominium.In some places, the term 'townhouse' and 'condominium' are used interchangeably, but the two do not not always mean the same thing.
What happens to a condo if the developer files for bankruptcy?
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.
Who owns the huntington condominiums?
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
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.
Who is a corporation owned by?
A corporation is owned by its stockholders.
What best describes how a condominimum is owned?
A condo is owned by the resident
Are interior wires within walls considered commonly owned in a condo?
You can find the answer you want in your state's condominium law where it may define default ownership lines. Then, read your governing documents to discover how they have altered the ownership lines.No two states are alike in these definitions; no two sets of condominium governing documents are alike.
What is difference between co ops and condominimus?
When you buy a co-op, you buy shares in a corporation and are assigned a space. Some lenders are leery of this style of real estate ownership, and will not grant a mortgage for such an option. A condominium buyer purchases an individual unit, plus ownership in all the real estate assets owned in common with all other owners. These may include the buildings, parking lots, landscape assets, golf course, pool, club house and whatever other amenities owned by the condominium association. Because clear title can be held to a condominium unit, lenders are more likely to grant a mortgage to purchase one.
What does IRS require if mother and daughter are joint tenants of condo and mother dies with a will and condo is sold?
More information is needed to answer your question. Was the Mother still living when the Condo was sold? Who inherited the Mothers share of the Condo upon death? What was the selling price of the Condo? Was it sold to an unrelated person?
