You finally purchased the condo you have always dreamed of. Now it's time to insure your possession. When purchasing condo insurance it's important to know you are going to need two kinds of insurance. Your homeowners insurance covers your new home and a master policy covers the common areas in the condo.
The master policy is provided by the condo association. As stated above it covers the common areas in the complex such as the roof, basement and sidewalks. Make sure you read the fine print in this policy, as you don't want to be surprised if something happens. Ask your agent if your insurance coverage will protect you when and if something happens in one of the common areas.
Taylor's new condo is in Nashville, TN in building called the Adelicia. She has a penthouse.
George Condo was born in 1957, in Concord, New Hampshire, USA.
covers you for a loss assessment made by an association of property owners on common property for a "covered" cause of loss. important distinction there. i.e. condo needs a new roof due to old age - not covered. Also there are protections built in for deductibles - so condo association cannot have an extremely high deductible and instruct association owners to put in assessment claims
The Condo Management magazine is mainly a magazine geared towards homeowners and condo management in states like Florida, California, and New York. It will feature articles about condo living in general.
Legally, in USA, associations are not permitted to conduct background checks on 'new owners'. So, they would not be able to charge for such a search. Individual unit owners may be able to conduct checks on prospective tenants. Co-ops may be able to assess prospective investors, and this is made clear prior to the consummation of any purchase in a co-op.
The property tax on a condo in new orleans, la would be 4% of the value of the properrty
No, in New York State, you cannot sell a condo unit without the condo declaration being recorded. The condo declaration is a legal document that establishes the rights and obligations of condo owners and is necessary for the sale of the unit to occur. Recording the declaration protects the rights and interests of all parties involved in the condo transaction.
An overview of information regarding condo docs and HOA in Florida. Vacation Homes Florida for sale. A resale condo and fifteen days when buying a new condo in Florida.
One can buy a condo in New York by looking at places that sell condos. One can find a real estate agent that can help them find condos that they like.
Vetting new buyers is a task afforded to co-ops and co-op boards. It is not legal for condominiums or home owner associations to 'vet' potential buyers.
Since the condominium association is probably registered as a corporation of some type, there are voting rights and procedures for electing and removing members of the governing trust. Owners, however, cannot be 'removed', until the property is sold to a new owner.
The best way to do comparison shopping for your new condo is to do it online. There are a number of companies that can give you instant quote online.