Forms of Real Estate Ownership

Question 1

Types of CT Ownership Rights

Answer 1

may be in severalty, in co-ownership or in trust

Question 2

CT Forms of Co-Ownership

Answer 2

tenancy in common and joint tenancy

Question 3

Common Interest Ownership Act

Answer 3

CT law that allows for condominium and cooperative ownership

Question 4

Tenancy in Common

Answer 4

co-ownership with no right of survivorship

Question 5

Joint Tenancy

Answer 5

co-ownership with a right of survivorship; unlike in other states CT allows for equal or unequal shares

Question 6

Ownership by Married Couples

Answer 6

joint tenancy with right of survivorship is the most common

Question 7

Divorce Decree

Answer 7

serves to extinguish the joint tenancy and convert it to a tenancy in common

Question 8

Partition

Answer 8

the physical division of co-owned real estate; if involuntary the other owner must petition the court for equitable relief

Question 9

Limited Partnership

Answer 9

may own real property, property is divided monetarily into units each of which can be purchased by a limited partner; liability extends no further than the initial capital outlay

Question 10

Limited Liability Company

Answer 10

less restrictive than an S corp because it does not limit the number of owners to 35 or restrict business entities or foreign investors from becoming partners

Question 11

CT Common Interest Ownership Act

Answer 11

regulates the development and operation of common interest ownership properties i.e cooperatives, condominiums and planned unit developments; ownership of a unit requires financial contribution for the maintenance of common areas

Question 12

Condominium

Answer 12

a community where the units are owned separately and the common areas are owned by all of the unit owners together as tenants in common

Question 13

Cooperative

Answer 13

all the real property is owned by an association, including the units, unit owners are member of the association and have the right to exclusive possession of a particular unit

Question 14

Planned Community

Answer 14

includes any type of common interest community that is not a condominium or cooperative

Question 15

Planned Unit Development

Answer 15

unit owners own their lots and an association owns the common areas

Question 16

Certificates of Registration

Answer 16

must be obtained from the Department of Consumer Protection by those who offer or provide association management services to common interest communities

Question 17

Super Lien

Answer 17

associations have statutory liens on a unit for any unpaid common charges, assessments and fines; named because for six months of common charges it takes priority over other liens

Question 18

Declaration

Answer 18

creates a common interest ownership community by being recorded in the land records where the property is located

Question 19

Public Offering Statement

Answer 19

in common interest ownership properties; provides purchasers with full disclosures regarding the common interest community; allows a purchaser before conveyance to cancel a contract of sale within 15 days after executing and receiving one

Question 20

Resale of Units

Answer 20

three mandatory documents; declaration that created the community, current association bylaws, rules and regulations, resale certificate prepared by the association

Question 21

Right to Cancel

Answer 21

in common interest properties; buyers have the right to cancel a purchase contract until five business days after the resale documents have been delivered OR seven days after being sent by registered or certified mail

Question 22

Obtaining Resale Documents

Answer 22

documents must be provided within ten business days of the request; maximum fee is $125 plus either five cents for each copied page of document or ten dollars for an electronic document

Question 23

Condominium Conversion

Answer 23

Common Interest Ownership Act prohibits municipalities from banning the conversion of buildings to condominiums and other types of common interest housing

Question 24

Time Shares

Answer 24

regulated in CT by the Time Share Act, must be registered with the CT Department of Consumer Protection, must provide a disclosure statement and purchasers have five days to cancel a contract after signing and receiving