A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.
This Agreement to Lease a Condominium Unit is similar to a lease of an apartment.
Condominium With Apartment Block Ica In Virginia
Category:
State:
Multi-State
Control #:
US-00413BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Except to the extent provided in the inium instruments, the executive board shall, prior to the commencement of the fiscal year, make available to unit owners either (i) the annual budget of the unit owners' association or (ii) a summary of such annual budget.
Who governs homeowners associations in Virginia? HOAs are subject to a number of state, federal, and local laws and are governed by a common interest community board that creates and enforces certain rules and regulations contained in the HOA's governing documents.
Lien for assessments; foreclosure. A. The unit owners' association shall have a lien on each inium unit for unpaid assessments levied against that inium unit in ance with the provisions of this chapter and all lawful provisions of the inium instruments.
To the extent that damage is inflicted on the common elements or any unit through which access is taken, the unit owner causing the same, or the unit owners' association if it caused the damage, shall be liable for the prompt repair of such damage.
The Virginia inium Act (the “Act”) was enacted on July 1, 1974. It superseded the Horizontal Property Act, which was enacted in 1962. iniums are purely “creatures of statute” meaning that without the laws permitting them, they would not exist. In other words, they are a legal entity created by statute.
§ 55.1-1915. The declarant, every unit owner, and all those entitled to occupy a unit shall comply with all lawful provisions of this chapter and all provisions of the inium instruments.
Any unit owner who pays any creditor of the association a percentage of the total amount due to such creditor equal to such unit owner's common element interest in the inium shall be entitled to obtain from such creditor a release of any judgment or lien that such creditor otherwise has the right to file against ...
Owner occupancy: In order for a condo community to gain VA approval, at least 50% of the units must be occupied by owners. If the condo community was built just recently, at least 75% of units must be sold.
VA-approved condos are compiled on an official list to help streamline the homebuying process. If a condo project is not currently on the approved list, there is a designated process for obtaining approval. However, it can be a long process, depending on the status of the project.