Module 2 Condos, Cooperative, Time Shares & Land Use Flashcards
Condo Unit deed
Sqft and description of your unit with your unit number and how much common space belongs to you.
Master deed
Description of the whole complex the land and how many units there are
Closing on a condo you need a certificate. What is the name of the cert
A 6D Certificate
Define Condominium:
The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development, plus an undivided interest in the ownership of the common elements in the building or development, which are owned jointly with the other condominium unit owners. 76
Define time-share:
A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period. 79
Define Lease option:
lease option A lease under which the tenant has the right to purchase the property at an agreed-upon price either during the lease term or at its end. 356–357
Define Lease:
A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). By state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable. 350
Define freehold estate:
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. 52
FreeHold vs Non-FreeHold
FreeHold is the owner and non-freehold is the tenant
Define Lessor:
Land Lord
Define Lessee:
Tenant
Define Estate/Tenancy for Years:
An interest for a certain, exact period of time in property leased for a specified consideration. 351
Define estate (tenancy) from period to period ≈
An interest in leased property that continues from period to period—week to week, month to month, or year to year. 351
Define estate (tenancy) at will
An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. 352
Define estate (tenancy) at sufferance
The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after the lease rights have expired. 352
Define gross lease:
A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases. 357
Define percentage lease
A lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. 357
Define Graduated Lease:
A lease with predefined rent increases know upfront.
Define net lease:
A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs. 357
Define option:
An agreement to keep open for a set period an offer to sell or purchase property. 214
Define right of first refusal:
A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party. 77, 357
Define management plan
A highly detailed plan that lays out the owner’s objectives for a property, as well as what the property manager wants to accomplish and how, including all budgetary information. 372
What is the difference between Assign vs Sublet:
Assigning the new person has all the responsibilities as the previous assignee and the original assignee is no longer responsible. A sublet the original assignee still has all the responsibilities with the owner.
Define management agreement:
A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager’s authority. 370
Define 99 Year lease:
If a lease extends past 100 years the owner could loose some of there rights.
Define Proposition 2.5:
A town can not exceed spending by more than 2.5% in one year.
Unpaid Property taxes will become a what
A lean and a tax lean supersedes all other leans on a property
Define municipal lien certificate;
A lien placed on a property by a town
Mechanic’s Lien
A lien placed on a property by contractors who have a written contract to preform work and they didn’t get paid for that work
In what order are Mechanic Liens paid?
In the order the liens were filed.
Special Assessment and Betterment Liens:
Special property tax that is permitted when real property receives a special advantage or benefit. A special assessment or Betterment is a lien on the benefited property.
