CH 13 Housing Products Flashcards
Single Family Homes: typically have what kind of requirements?
City requirements
Single Family Homes: what are city requirements usually?
Setbacks, sidewalk access, etc.
Single Family Homes: how to get it going when building in city?
File a plat with the city, and in the real estate records
Single Family Homes: Where are restrictive covenants filed?
filed with the city and in the real estate records
Single Family Homes: Examples of restrictive covenants?
- Types of uses allowed (no commercial)
- Building limitations (size, look,…)
- Approval committees (and their rules)
- Setbacks
- Easements (utilities, sidewalks,…)
Single Family Homes: Restrictive Covenants: example of approval committees
Architectural control committee to approve all designs/specifications before building
Single Family Homes: Restrictive Covenants: How to make them effective in AR?
They must be recorded and executed by property owners. This would require an entire neighborhood to approve an amendment (but even amendments are only applicable to future uses)
Single Family Homes: How long do restrictive covenants last?
25-30 years usually. then usually extended for 5-10 years at a time until a certain % of homeowners decide to terminate them.
Single Family Homes: How should one contract a restrictive covenant?
Be sure to ensure there is an ability to amend, but to protect the client be sure to also include the term and how it can end.
Single Family Homes: Who enforces restrictive covenants?
HOA has the power to charge for actions taken and can place a lien against the property of a person who fails to pay.
What is the one thing, above all else, he wants us taking away from this class?
Do not be on the HOA.
Single Family Homes: Rule on decisions made by HOAs?
Decisions made by an HOA will not be disturbed unless there is a showing of fraud or bad faith (Business Judgement Rule)
Single Family Homes: How should covenants be drafted?
Covenants should be drafted carefully.
Condominiums: OTA?
Horizontal Property Regimes
Condominiums: what is a master deed?
it is the condo version of a plat—a plat of each story of the building.
Condominiums: where to file a master deed?
in the real estate records
Condominiums: what would restrictions look like?
Usage (residential property on X number of floors)
Condominiums: 3 major components of a condo?
(1) Unit
(2) General Common Elements
(3) Limited Common Elements
Major Condominium Component: what is the unit?
The space owned in fee simple by the individual.
Major Condominium Component: what are the general common elements?
All those portions of the condo that are not defined in the declaration as part of the unit.
Major Condominium Component: what are some examples of general common elements?
Hallways, lobbies, the entrance
Major Condominium Component: who pays for the upkeep of general common elements?
All owners in part of a condo pay a prorata portion for upkeep.
Major Condominium Component: how is the prorata payment by all owners in the upkeep of general common elements calculated? and where is it set forth?
The ratio is based on your square feet divided by the total amount of square feet.
Set forth in the Master Deed.
Major Condominium Component: what are the limited common elements?
Those common elements defined in the declaration as being for the exclusive use of a particular unit owner(s) while not in themselves being part of the described unit(s)
