This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo For Sale In Massachusetts
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Condo Buyers Own Their Unit Plus an Interest in Common Elements. Basically, condo buyers will own the inium unit itself, and what's called an "interest" (along with all other owners) in the "common elements," sometimes called "common areas," of the inium project.
Right to Fair Treatment: Homeowners are entitled to equitable enforcement of rules, CC&Rs, and bylaws. This right ensures that all residents are treated fairly and without discrimination by the HOA board.
As a condo owner, you have the right to use your unit as provided in the master deed and in a way that allows you to maintain a reasonable standard of living as required by Massachusetts health, safety and building laws. Your legal rights as a condo owner also include: The right to protest.
Massachusetts Recorded Document Search - Visit your county recorder's office to find HOA documents, like CC&Rs, Amendments, Bylaws, HOA Notices, Subdivision Maps, Plats, Recorded Land Surveys, Deeds, Deeds of Trust, Liens, and Judgments. Search under the subdivision or community name.
The ownership of these condos might differ; they might be leasehold or freehold. One of the main differences between these types is that in leasehold condos, you only own the right to operate your unit for a specific period. In freehold condos, you have full ownership rights forever.
You own the unit when you buy a condo, but the condo association owns the building. Property taxes usually are rolled into your monthly co-op administration fees if you buy a co-op.
What are Condo Bylaws? The inium bylaws govern the structure and operation of the association. They contain information regarding board meetings, elections, board terms, voting procedures, and the like. The bylaws are more about the management of the association than the rules that govern it and its members.
Massachusetts General Laws chapter 183, section 61 governs the payment of interest on tax escrow accounts by a mortgagee. It is only applicable to real estate tax escrow accounts and does not apply to escrow accounts for insurance premiums.