The Law Of Condominium Ownership
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Bob Miles
Apr 19, 2013, 6:10:08 PM4/19/13
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Please consider this free-reprint article written by:
Bob Miles
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Article Title: The Law Of Condominium Ownership
Author: Bob Miles
Word Count: 376
Article URL: http://www.isnare.com/?aid=152230&ca=Legal
Format: 64cpl
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When you buy a condominium, what are you actually getting? In a typical condominium arrangements, each �tenant� owns his/her individual unit outright and owns the common areas as a �tenant in common� together with the other tenants. Since you have ownership rather than mere leasehold rights, you can sell your unit and build up equity in it.
A tenant in common is a fractional owner of the common property, meaning, for example, that if the property is sold he is entitled to a certain percentage of the proceeds. A tenant in common can also generally sell his interest in the property without the permission of the other tenants in common (some restrictions may apply). Finally, a tenancy in common is undivided - all tenants in common have an equal right to possess the entire property. This means that if I am a tenant in common with a 1% fractional interest in the lobby, I cannot tape off an area equal to 1% of the total area of the lobby and claim it as my exclusive property, and neither can anyone else. But if the building is sold, I am entitled to 1% of the net proceeds of the sale of the lobby.
What do you own outright when you buy a condominium? Usually, all you own outright is whatever is inside the four walls. You do not own the plumbing (except as a tenant in common).
Furthermore, in many condominium arrangements, the common areas are owned not by the unit owners as tenants in common, but by a homeowners� association to which the condominium owners belong. This association is usually a corporation in which the unit owners are shareholder (giving the homeowners� association an independent legal identity), and the unit areas lease the right to use the common areas.
If the condominium has a parking area, condominium owners might have what is known as an easement, which is a type of property right allowing certain uses such as walking and driving through it, and parking your car there. In an easement, someone else owns the property and you just have the right to use it.
DISCLAIMER: The foregoing is intended for reference only and not as legal advice.
About The Author: �Real Estate Law in Plain English� is located at http://realpropertylaw.blogspot.com. See also http://realpropertylaw.blogspot.com/2007/05/how-to-legalize-condominium-project.html.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=152230
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Bob Miles
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=152230
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=152230
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: The Law Of Condominium Ownership
Author: Bob Miles
Word Count: 376
Article URL: http://www.isnare.com/?aid=152230&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=152230
Easy Publish Tool: http://www.isnare.com/html.php?aid=152230
*********************** ARTICLE START ***********************
When you buy a condominium, what are you actually getting? In a typical condominium arrangements, each �tenant� owns his/her individual unit outright and owns the common areas as a �tenant in common� together with the other tenants. Since you have ownership rather than mere leasehold rights, you can sell your unit and build up equity in it.
A tenant in common is a fractional owner of the common property, meaning, for example, that if the property is sold he is entitled to a certain percentage of the proceeds. A tenant in common can also generally sell his interest in the property without the permission of the other tenants in common (some restrictions may apply). Finally, a tenancy in common is undivided - all tenants in common have an equal right to possess the entire property. This means that if I am a tenant in common with a 1% fractional interest in the lobby, I cannot tape off an area equal to 1% of the total area of the lobby and claim it as my exclusive property, and neither can anyone else. But if the building is sold, I am entitled to 1% of the net proceeds of the sale of the lobby.
What do you own outright when you buy a condominium? Usually, all you own outright is whatever is inside the four walls. You do not own the plumbing (except as a tenant in common).
Furthermore, in many condominium arrangements, the common areas are owned not by the unit owners as tenants in common, but by a homeowners� association to which the condominium owners belong. This association is usually a corporation in which the unit owners are shareholder (giving the homeowners� association an independent legal identity), and the unit areas lease the right to use the common areas.
If the condominium has a parking area, condominium owners might have what is known as an easement, which is a type of property right allowing certain uses such as walking and driving through it, and parking your car there. In an easement, someone else owns the property and you just have the right to use it.
DISCLAIMER: The foregoing is intended for reference only and not as legal advice.
About The Author: �Real Estate Law in Plain English� is located at http://realpropertylaw.blogspot.com. See also http://realpropertylaw.blogspot.com/2007/05/how-to-legalize-condominium-project.html.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=152230
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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