Condominiums,Cooperative and Time Share Flashcards Preview

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Flashcards in Condominiums,Cooperative and Time Share Deck (24):
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By laws

As relates to condominium ; the specific procedures for managing and regulating a condominium. Recorded with the Master Deed per M. G. L. c 183 A

1

Capital Reserves

A reserve fund set up by a condo management associated to collect monies from unit owners on a regular basis to finance future capital improvements. Not to be confused with operating reserves.

2

Common Area

In a condo all areas not owned as individual units and therefor for the use and ownership of all owners and tenants.

3

Condominium Budget

An annual forecast of monies necessary to finance the Condominium Common Expenses.

4

Condominium Fee

That part of the condominium budget for which the unit owner is responsible ( % of common ownership x condo budget= condo fee. Usually computed for monthly payments ).

5

Condo " Super Lien "

April 1993 changes to Massachusetts General Law c 183 that allows the condominium association to collect up to 6 months due condo fees if available upon foreclosure ; after taxes due , but before mortgage liens.

6

Condominium Trust / Association

The Management group of unit owners elected by the unit owners to manage the condominium's business as required by. M. G. L. c 183 A

7

Condominium

An estate in real property in a multiple unit residential or commercial building consisting of the interest in an individual unit plus an undivided interest along with other unit owners in the common areas.

8

Cooperative Ownership

A form of ownership where stock purchased In a corporation , partnership or trust entitles the owner to occupancy of one particular unit.

9

Dockominium

Condominium concept applied to boat docks.

10

Elderly

Individuals 62 years of age or older- used in condominium conversion law in Massachusetts to set special condo conversion protection

11

Handicapped

Person entitled to housing accommodations due to physical handicap under Massachusetts General Law c 22. Used in condominium conversion law in Massachusetts to set special condo conversion protection.

12

Low or Moderate Income

Total prior twelve month income of all unit occupants is less than 80 % of area median income as set forth by HUD. Used in condominium conversion law in Massachusetts to set special condo conversion protection.

13

Master deed

The deed recorded when a condominium development is created as required by M. G. L c 183 A.

14

Master Insurance Policy

Insurance policy covering the over all condominium structure and common areas. Names all unit owners and lenders as loss payees. Must be updated to reflect new owners an loss payee when individuals unit changes ownership.

15

M. G. L c 183A

Massachusetts General Law that regulates the formation, conversion and management of condominium , both commercial and residential.

16

Operating Reserve

Reserve fund commonly established when new condominium were formed ( new or conversion ). Typically two or three months condo fee and used to provide initial operating capital for maintenance and repairs. Often combined with normal operating funds once project is fully sold and unit owners have taken over management. Not to be confused with capital reserve.

17

Rules and Regulations

When associated with condominium , refers to some guidelines to daily activities that help in harmonious condominium living. Ex; Parking Regulations and fines , use of tennis courts, swimming pools or other common areas , use of for sale signs , use if Habachis on decks etc. usually not recorded at the Registry of Deeds.

18

Time Share

A form of ownership that allows multiple owners of a piece of property each with an undivided interest for a fixed or variable time of a year. Ex.: Ownership of week 36

19

Unit Deed

A deed transferred title of an individual condominium unit from one party to another.

20

Unit Square Footage

The number of square feet of area within an individual condominium unit.

21

6 ( d ) Certificate

Document called for Massachusetts General Law c 183 section 6 ( d ) issued by the condominium management association documenting the status of any condo fees or special assessment or other charges due by unit owner. Must be present at transfer of ownership.

22

Percent of common ownership

In a condominium ; the ratio of unit square footage to total of all unit square footage expressed as a percent. Used to determine units owners portion of total condominium budget

23

"Piece of the whole" ways to allow a buyer to purchase a part of a parcel of real-estate

1. Condominium
2. Cooperatives
3. Time Share