CONDOMINIUM - DEFINED by lonyoo

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									CONDMINIUM - DEFINED
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TWO LATIN WORDS
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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

WHAT CONDO’S LOOK LIKE
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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.
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MORE HOUSING ON FEWER ACRES WITH BETTER USE OF LAND AND OPEN SPACES

HOW MANY UNITS MAKE UP A CONDO OR TOWN HOME?
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AS FEW AS TWO AS MANY AS SEVERAL HUNDRED!

WHAT DOES A TOWN HOME LOOK LIKE
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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
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BE AN OWNER OF A PORTION OF THE COMMON AREA OF THE ASSOCIATION.

MULTI STORY, MUST BE CONDO’S

DETACHED PROPERTIES

COULD BE TOWNHOMES OR CONDO’S

ATTACHED ONE STORY CONDO’S

COULD BE TOWN HOMES OR CONDO’S

QUAD UNIT – EITHER CONDO OR TOWN HOME.

THREE COMMON DEFINITIONS
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CONDO UNIT OR CONDO APT.
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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
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Those portions of a condominium’s common areas that are reserved for the exclusive use of a particular unit owner or group of unit owners. 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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GENERAL COMMON AREAS
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USE, RESTRICTIONS, RULES AND REGULATIONS
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USE RESTRICTIONS – HARD TO CHANGE. RULES AND REGULATIONS
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PETS DOORS DECKS BICYCLES NOISE SIGNS, ADVERTISEMENTS, HOLIDAY DECORATIONS DAMAGE TO COMMON AREAS EXTERIOR LOOK AND FEEL, (DOORS, DRAPES, ETC.

ITEMS TO THINK ABOUT
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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.
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(DO YOU CARE)

BEFORE YOU PURCHASE
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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.

IS THIS OWNERSHIP FOR YOU?
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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
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GOOD LUCK

THE END
JIM MINER, REALTOR®
288-9343 www.jimminer.com jjminblzr@aol.com


								
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