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What is the maximum allowable ownership of units in a condo association?
Wiki User
∙ 13y ago
Read your governing documents to determine if there are any limits stated there for either owner/residents or investors.
Otherwise, recently, Fannie Mae, et al, have determined that no investor may own more than 10% of the number of units in a property, in order for mortgage lenders to continue to offer mortgages to buyers.
Wiki User
∙ 13y ago
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Should a condo HOA paint and maintain exclusive use areas?
If the association owns the exclusive use areas, then the association is responsible for the maintenance and upkeep of those assets. Read your governing documents to determine the areas' ownership.
Does condo association pay for repairing mold damage?
It depends on the specific circumstances and the terms outlined in the condo association's bylaws or governing documents. In some cases, the condo association may be responsible for repairing mold damage if it is a result of common areas or shared systems. However, if the mold damage is due to the negligence of a unit owner or resident, they may be held responsible for the repairs. It is best to consult the condo association's governing documents and speak with the association board for specific information.
Is a condo association a business?
Absolutely, yes. The association may be incorporated as a profit, not for profit, or an unincorporated association.
Can you know the status of a condo association?
Yes.You can request the status of the association from the Secretary of State where the association is located.
If condo association forecloses on an owner does the lender pursue deficiency judgment against the owner or condo association?
Your attorney can help you answer this question, since it requires a legal answer.
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment, and depending upon your coverage, may also cover the internal structural elements (walls, floors, ceilings, fixtures, countertops, etc.) of your specific condo unit. Since there is no damage to your condo unit, your personal condo insurance will probably not apply, even if you have flood insurance. So, the answer to your question depends upon what type of policy your condo association holds. You should therefore ask your condo association.
What companies in Chicago offer condo association insurance policies?
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.
Who pays for real property in condo when condo association performs demolition of roof and walls?
Read your governing documents to determine ownership. There is a line between what a unit owner owns and what all unit owners own in common with all other owners. Ownership may determine who pays, and it may not, depending on the motivation to perform demolition of roof and walls. As well, and again this is an ownership issue: which roof(s) and which wall(s) -- interior or exterior, building envelope or not?
Can you rent out a bedroom in your 2 bedroom condo in Florida?
Only if the Condo Association allows it. It could otherwise fine you.
What is the use of Condo Associations?
Their role essentially shapes the quality of life within the condominium, as they make key decisions pertaining to the aesthetics, maintenance, and overall functioning of the community. At Daisy Property Management, I've seen just how much a dedicated and efficient condo association can enhance the living experience within a condominium community.
Can a lien be filed for nonpayment of assesments from a condo association?
Yes.
Is a townhouse like a condo?
A little, but they are different. A townhouse is usually a row house, one of several attached buildings. They may have completely separate ownership. A condominium ("condo") is often more like an apartment but essentially it is a residence that is part of a group that has shared management and maintenance. The condo owner is responsible for inside the walls the a Home Owners Association (HOA) is responsible for the outside and the grounds. The condo owner will pay a monthly fee to the HOA for this work.
