Condominium Act Form 4 In California
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Additionally, condo owners often don't own the land their unit is built on—they lease it from the condo association—which can lead to different restrictions regarding renovations or modifications.
The Use of Proxies | 2. Appointing a Proxy. A condo owner may choose to have another person attend and/or vote at an owners' meeting on the owner's behalf. In order to do this, owners must use the government-approved proxy form. Each voting unit is entitled to one vote, and there cannot be more than one proxy per unit.
Additionally, condo owners often don't own the land their unit is built on—they lease it from the condo association—which can lead to different restrictions regarding renovations or modifications.
The main difference comes down to ownership. iniums are owned by individuals and rented out privately (this is your typical landlord). In contrast, apartments are generally owned by property management companies who rent and manage all the units, creating a more standard approach and leasing process.
The inium Conversion program is available for buildings of six residential units or less. For all buildings, owners must have occupied 50 percent or more of the units for three years continuously prior to entering the annual lottery for condo conversion.
In California, inium conversions are regulated by a law called the Subdivision Map Act, and also by local law in the jurisdiction where the property is located. The local jurisdiction processes the conversion application and, once that application is approved, a subdivision map is recorded.
Reduced realty taxes result in increased net operating income and which in turn provides an increase in market value for inium titled properties. Converting to inium further increases borrowing strength and may result in better interest rates.
Generally, a condo owner in California is responsible for the interior of their unit. The Condo Association (or HOA), is responsible for shared areas and the structure of the building.
