CONDOMINIUM - DEFINED

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CONDMINIUM - DEFINED

• TWO LATIN WORDS
• CON (WITH)
• DOMINIUM (DOMAIN)

CONDOMINIUM REPRESENTS A FORM OF OWNERSHIP
CONSISTING OF A SEPARATE ESTATE - AN INDIVIDUAL
AIR SPACE- UNIT IN A MULTI-UNIT PROPERTY TOGETHER
WITH AN UNDIVIDED INTEREST IN COMMON ELEMENTS
THAT BRING TOGETHER THE WHOLE
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WHAT CONDOS LOOK LIKE

• HIGH RISES
• MEDIUM HIGH BUILDINGS
• ROWS OF HOMES
• CLUSTERS OF HOMES
• MANY DETACHED DWELLINGS WITH COMMON AREA WHOSE
  OWNERS HAVE UNDIVIDED INTEREST IN COMMON AREAS.
• MORE HOUSING ON FEWER ACRES WITH BETTER USE OF
  LAND AND OPEN SPACES

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HOW MANY UNITS MAKE UP A CONDO OR TOWN HOME?

• AS FEW AS TWO
• AS MANY AS SEVERAL HUNDRED!

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WHAT DOES A TOWN HOME LOOK LIKE

• ALWAYS HORIZONTAL, NEVER VERTICAL
• FORM OF OWNERSHIP WHERE THE OWNER OWNS THE
  GROUND, THE WALLS AND ROOF, AND MAYBE A FEW FEET
  AROUND THE BUILDING
• BE AN OWNER OF A PORTION OF THE COMMON AREA OF
  THE ASSOCIATION.

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MULTI STORY, MUST BE CONDOS



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DETACHED PROPERTIES

COULD BE TOWNHOMES OR CONDOS
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ATTACHED ONE STORY CONDOS

COULD BE TOWN HOMES OR CONDOS
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QUAD UNIT EITHER CONDO OR TOWN HOME.


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THREE COMMON DEFINITIONS

• CONDO UNIT OR CONDO APT.
• That part of a development, consisting of
  airspace or a three dimensional area within the
  walls, floor and ceiling of a condo structure,
  privately owned and independently and exclusively
  used by a unit owner.

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• LIMITED COMMON AREAS
• Those portions of a condominiums common areas
  that are reserved for the exclusive use of a
  particular unit owner or group of unit owners.
• GENERAL COMMON AREAS
• Property owned jointly by all unit owners, which
  ordinarily includes land and structure or portion
  of structure not part of the units or limited
  common areas.

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USE, RESTRICTIONS, RULES AND REGULATIONS

• USE RESTRICTIONS HARD TO CHANGE.
• RULES AND REGULATIONS
• PETS
• DOORS
• DECKS
• BICYCLES
• NOISE
• SIGNS, ADVERTISEMENTS, HOLIDAY DECORATIONS
• DAMAGE TO COMMON AREAS
• EXTERIOR LOOK AND FEEL, (DOORS, DRAPES, ETC.

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ITEMS TO THINK ABOUT

• LOCATION, LOCATION, LOCATION
• LIFESTYLE OF THOSE WHO LIVE THERE
• RULES AND REGULATIONS COMPATIBLE WITH YOUR LIFE
  STYLE
• BUSINESS PARTNERSHIP WITH ASSOCIATION

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• MONEY IN RESERVE FOR MAJOR EXPENDITURES
• LIABILITY OF INDIVIDUAL OWNERS
• REPAIR/MAINTENANCE OF EACH UNIT
• PROFESSIONAL MANAGEMENT VS. ASSOCIATION
  MANAGEMENT
• GUEST PARKING
• SECURITY

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• RECREATIONAL FACILITIES
• SOCIAL EVENTS
• SNOW REMOVAL, HOW MUCH, AND HOW COMPLETE IS THE
  REMOVAL.
• (DO YOU CARE)

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BEFORE YOU PURCHASE

• USE YOUR OWN ATTORNEY TO UNDERSTAND WHAT YOU ARE
  BUYING, THE PERILS AND TRIBULATIONS.
• TALK WITH SEVERAL RESIDENTS WHO LIVE THERE.
• BE SURE TO GET COPIES OF THE ASSOCIATION MINUTES
  OF MEETINGS FOR PAST TWO-THREE YEARS.
• BE SURE TO OBTAIN FINANCIAL RECORDS OR HAVE FORMS
  FILLED OUT (IN PACKET) BY THE BOARD PRESIDENT OR
  SECRETARY.

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IS THIS OWNERSHIP FOR YOU?

• BE SURE YOU ARE READY
• TRY RENTING BEFORE YOU BUY
• MAYBE AN APARTMENT IS YOUR BETTER BET.
• FORMS, FORMS, FORMS WHEN YOU BUY.
• FORMS, FORMS, FORMS, WHEN YOU SELL
• GOOD LUCK

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THE END
JIM MINER, REALTOR 288-9343 www.jimminer.com jjmi
nblzr_at_aol.com