Condominium Act Flashcards
What is a CONDOMINIUM?
It is an interest in a real property consisting of a separate interest in a unit in a residential, industrial, commercial building and an undivided interest in common, directly or indirectly, in the land on which it is located and in other common areas of the building.
It includes, in addition, a separate interest in other portions of such real property.
Title to the common areas, including the land, or the appurtenant interests in such areas, may be held by a corporation specially formed for the purpose in which the holders of separate interest shall automatically be members or shareholders, to the exclusion of others, in proportion to the appurtenant interest of their respective units in the common areas.
What is a UNIT?
A part of the condominium project intended for any type of independent use or ownership, including one or more floors (or part or parts of the floor) in a building or buildings and such accessories as maybe appended thereto.
What are COMMON AREAS?
The entire project excepting all units separately granted or held or reserved.
What is a PROJECT?
The entire project divided or to be divided into condominiums, including all structure thereon.
When is it allowed for FOREIGNERS to have a unit?
By succession.
And when the common areas are owned by a condominium corporation except when it exceeds the limit set by existing laws.
What is the BOUNDARY OF A UNIT?
The interior surfaces of the perimeter walls, floors, ceilings, windows and doors thereof.
What are NOT part of the unit?
Common structural elements
Areas of common use
Central services and facilities
Other utility installations
*except when located within the unit.
What is a DECLARATION OF RESTRICTIONS?
Lien upon each condominium in the project and shall insure to and bind all condominium owners in the project.
It shall also provide for the management of the project.
When is the partition of the condominium project allowed? (Sec. 8)
(a) That 3 years after damage or destruction to the project which renders material part there of unit for its us prior there to, the project has not been rebuilt or repaired substantially to its state prior to its damage or destruction; or
(b) That damage or destruction to the project has rendered one-half or more of the units therein untenantable and that condominium owners holding aggregate more than thirty percent interest in the common areas are opposed to repair or restoration of the project; or
(c) That the project has been in existence in excess of fifty years, that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than fifty percent interest in the common areas are opposed to repair or restoration or remodelling or modernizing of the project; or
(d) That the project or a material part thereof has been condemned or expropriated and that the project is no longer viable, or that the condominium owners holding in inaggregate mor than seventy percent interest in the common areas are opposed to continuation f the condominium regime after expropriation or condemnation of a material portion thereof; or
(e) That the conditions for such partition by sale set forth in the declaration of restriction, duly registered in accordance with the terms of this Act, have been met.
What is the purpose of a Special Power of Attorney, upon dissolution of the condominium corporation? (Sec. 15)
Unless otherwise provided for in the declaration of restrictions upon voluntary dissolution of a condominium corporation in accordance with the provisions of sections 13 and 14 of this act, the corporation shall be deemed to hold a power of attorney from all the members or stockholders to sell and dispose of their separate interests in the project and liquidation of the corporation owned the whole thereof, subject to the rights of the corporate and of individual condominium creditors.
