Condominium Bylaws Condo With Boat Slip In Dallas
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FAQ
Bylaws. The Bylaws of a inium or planned development contain the operating procedures of the homeowners association. These generally include how to call and conduct a meeting, how to vote, how to levy assessments, how to manage association business, and how to keep records.
The Real Estate answer depends. If the slip that is purchased includes the land under the water, it is Real Estate. If the slip that is purchased is only connected to land via the pier and the land is owned by the marina, it is not Real Estate. You are buying the slip and the right to use the water.
A dockominium is a boat slip in a marina where slips are individually purchased rather than rented from the marina. Ownership may be by deed, where you have title to the property; or by shares; or by long-term lease, where you don't hold title.
The Texas Uniform inium Act contains a provision which states that unless a declaration provides otherwise, a inium building may be terminated and sold if 100% of the owners agree. It also allows unit owners associations to adopt a rule allowing for a lower threshold of 80% of the votes.
