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Preconstruction Condos For Sale Real Estate Ownership Or Simple Fee
The apartment, townhouse, and garden house describe the design or construction of certain houses. The word "condominium" does not refer to the design or style of a building. A condominium is a form of real estate. The form of ownership of a property cannot be recognized by looking at the design of the building.
Condominium Preconstruction Condominiums for Sale
The legal definition of a condominium is that the absolute ownership of a unit supported a legal description of the airspace that the unit actually occupies, plus an undivided right within the ownership of the common elements, which are jointly owned with the opposite owners of the Unit condominium. Each owner of a condominium unit has an individual title for space within his unit.
Space is usually described beginning with "the paint on the walls." additionally, each unit owner has an undivided right within the physical components of the condominium buildings and grounds.
A popular type of condo development is the multi-story apartment. In this case, there is no terrain below each unit. In these developments, the condo association generally ...
... maintains the exterior of the building and common grounds, while the unit owners maintain the interior of their units. A condo association is selected to make decisions about repair costs and to handle administrative work related to common areas. Fees are charged to unit owners to pay for common maintenance. The association normally has an insurance policy that covers jointly-owned areas, while individual owners have insurance for the interior components of their units.
Condo projects can resemble duplexes, townhouses, garden houses, or residences on regular lots. In general, the creation of a condominium regime allows the developer to obtain an approved density greater than what would be allowed if he had made lots of individual ownership. This is often the reason why the condo scheme is chosen over the development with individually owned lots. A condo can be built as two units of a duplex. In this case, the two owners can make joint decisions about the maintenance of the common areas. By setting up a duplex unit as two condos, the owner can sell them to two different owners.
Each condo has specific rules for development, so no assumptions should be made about its requirements. It is important to read the condo documents carefully before purchasing a condo. The documents specify the maintenance covered by the common budget. In a project, the association can manage exterior components, decks, pools, sidewalks, and driveways. In another, individual homeowners may be responsible for the additional maintenance of their units, including foundations, roofs, and exterior walls.
If you have questions about the division of labor between the common budget and individual condo owners, you can put your question to the condo board. The board can give you an interpretation of the rules and clarify how the problem has been handled in the past. Another possibility is to ask a true estate attorney to review the documents for you. Real estate agents, other unit owners, or maintenance workers are not appropriate or reliable sources for the interpretation of condo documents.
The Texas real estate contract for condos contains a provision that requires the buyer to receive a copy of the condo documents, with a period of time to review them. During the document review period, the buyer can terminate the contract without penalty. In addition, the association president or manager must provide a resale certificate. This document provides information on current budgets, insurance coverage, special evaluations, lawsuits, and other matters affecting the association.
Simple property fee
Unlike the Preconstruction Condos for Sale regime, you can own real estate for a simple fee. "Quota", which comes from the word "fiefdom", refers to legal rights to the land, and "simple" means without restrictions. The simple rate is the most common type of property. It is the absolute legal title to real property, which includes both buildings and land.
In simple fee, there are several different possibilities regarding your property obligations:
(a) Your property cannot be in any subdivision. During this case, your deed will not include any subdivision restrictions that control your use of the property. Please note that there could be some deed restrictions set by previous owners. In addition to deed restrictions, it may be governed by city or county ordinances or zoning laws that limit the use of the property.
(b) Your property may be in a subdivision with very few restrictions, no common areas, no architectural control committee, and no mandatory fees. These are generally older subdivisions.
(c) Your property may be in a large housing subdivision, or a townhouse or garden community where there is a legally created homeowners association. In this case, all owners must be members of the association. The association can collect mandatory fees and enforce subdivision rules. Each owner may need to perform a certain level of maintenance. For example, he may need association approval for exterior paint colors, fences, or additions to his home.
Like the condo form of ownership, flat rate ownership does not prescribe how maintenance is handled or developments are governed. For example, townhome owners, with simple property rights, may be required to fully maintain their units. Or the homeowners association can cover painting, roofing, and landscaping for homeowners. In subdivisions where single-family homes are on large lots, it is more common for the homeowners association to manage common grounds, swimming pools, and parks, while individual lot owners fully maintain their own properties.
Understand your property rights and obligations
Before buying a Preconstruction Condos for Sale scheme or buying a simple fee-based property, you need to have a clear understanding of the type of property you will have on your property. If you are buying a condo, it would be wise to read the condo documents carefully and understand how maintenance is divided between individual owners and the condo association.
If your property is a lump sum property, with individual ownership of the land, you should review the deed restrictions (if any) and understand the restrictions and obligations that apply to your property. In the simple form of fee ownership, there may be mandatory fees to pay for common area maintenance or in some cases, the fees can be used for partial maintenance of individual properties.
If you have any questions about your property type or your obligations as a homeowner, it would be wise to review the title documents with a real estate attorney before proceeding with your purchase. Ask lots of questions! A clear understanding of your property type and your obligations as a homeowner will result in a more satisfying real estate purchase.
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