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

WHAT CONDO’S 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

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

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.

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 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.

LIMITED COMMON AREAS 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.

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.

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.

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

MONEY IN RESERVE FOR MAJOR EXPENDITURES

LIABILITY OF INDIVIDUAL OWNERS REPAIR/MAINTENANCE OF EACH UNIT PROFESSIONAL MANAGEMENT VS.

ASSOCIATION MANAGEMENT GUEST PARKING SECURITY

RECREATIONAL FACILITIES SOCIAL EVENTS SNOW REMOVAL, HOW MUCH, AND

HOW COMPLETE IS THE REMOVAL. (DO YOU CARE)

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.

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

THE END

JIM MINER, REALTOR®

288-9343

www.jimminer.com

jjminblzr@aol.com