Pg 11

Question 1

What’s the deal with condos?

Answer 1

This is shared ownership where each unit is owned separately in fee simple absolute by one or more persons. But the exterior walls, halls, common areas, and grounds are owned by the unit owners as tenants in common

Question 2

What are the elements for a condo?

Answer 2

– Ownership of part of the building/unit as an interest in land
– restraint against partition of common land/building
– restraint against separation of unit owner’s share in commonly owned land from privately owned unit
– separate assessment of units for taxes
– provisions for use, management, and maintenance of common property
– usually have declaration that land is under statute and property owners association to make covenants, bylaws, and regulations that run with each unit and bind all successive owners