Forms of Real Estate Ownership Flashcards
Types of CT Ownership Rights
may be in severalty, in co-ownership or in trust
CT Forms of Co-Ownership
tenancy in common and joint tenancy
Common Interest Ownership Act
CT law that allows for condominium and cooperative ownership
Tenancy in Common
co-ownership with no right of survivorship
Joint Tenancy
co-ownership with a right of survivorship; unlike in other states CT allows for equal or unequal shares
Ownership by Married Couples
joint tenancy with right of survivorship is the most common
Divorce Decree
serves to extinguish the joint tenancy and convert it to a tenancy in common
Partition
the physical division of co-owned real estate; if involuntary the other owner must petition the court for equitable relief
Limited Partnership
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
Limited Liability Company
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
CT Common Interest Ownership Act
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
Condominium
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
Cooperative
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
Planned Community
includes any type of common interest community that is not a condominium or cooperative
Planned Unit Development
unit owners own their lots and an association owns the common areas
Certificates of Registration
must be obtained from the Department of Consumer Protection by those who offer or provide association management services to common interest communities
Super Lien
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
Declaration
creates a common interest ownership community by being recorded in the land records where the property is located
Public Offering Statement
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
Resale of Units
three mandatory documents; declaration that created the community, current association bylaws, rules and regulations, resale certificate prepared by the association
Right to Cancel
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
Obtaining Resale Documents
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
Condominium Conversion
Common Interest Ownership Act prohibits municipalities from banning the conversion of buildings to condominiums and other types of common interest housing
Time Shares
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
