Communal Ownership

Question 1

What interest do Condo owners have?

Answer 1

Fee Simple - owns only the space within the walls of their unit

condos fees for common areas as tenants in common

Question 2

What is a condo regime

Answer 2

required by law, key documents stating common areas, # of units, fractional shares for units

bylaws - relate to day to day operation of how decisons are made amongs the unit holders

Question 3

Co-Op

Answer 3

Buying a co-op is buying stock in corp and being issued a lease

Tenant pays rent, insurance, services, etc but does not own the real estate

So long as they comply with the lease terms, they can be in the property

Lender has lien on the stock

Question 4

Co-Op transferability limits

Answer 4

co-ops can heavily restrict who lives there, within bound of civil rights and protected classes

Question 5

HOA

Answer 5

Owns common areas in residential subdivisions

Question 6

Master Association

Answer 6

two levels of HOA - master and local - that covers large plots with several subdivisions