This form is a Master Deed. This Master Deed is executed by a developer pursuant to the provisions of the Condominium Act. The deed contains a legal description of the project and the responsibilities of the co-owner.
Condominium Common Element With Bright Red Highlights In Michigan
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Common Elements of the inium Corporation are the land and structures in the inium Corporation other than the units themselves, such as the exterior landscaped areas, recreational facilities, parking garage, hallways, elevators, corridors, public washrooms, lobby areas, driveways, garbage rooms, electrical ...
Limited common elements are parts of a condo that are assigned to individual units, but considered community property rather than the tenant's. Examples of limited common elements include windows, balconies, driveways, elevators, clubhouses, and swimming pools.
Section 57 of the Act provides that all books, records, contracts, and financial statements concerning the administration and operation of the inium project shall be available for examination by any of the co-owners at convenient times.
Sec. 84a. (1) The developer shall provide copies of all of the following documents to a prospective purchaser of a inium unit, other than a business inium unit: (a) The recorded master deed.
Maintenance, repair, and replacement of a limited common element is usually the responsibility of the association except to the extent the declaration shifts that duty to the unit owner.
Section 57 of the Act provides that all books, records, contracts, and financial statements concerning the administration and operation of the inium project shall be available for examination by any of the co-owners at convenient times.
A common element is defined as all portions of the property except the units. Examples of common elements include fitness centers, elevators, lobbies, walkways, lighting in common hallways, garbage collection areas, swimming pools, landscaping, club houses, and more.
Sec. 47. (1) Subject to the prohibitions and restrictions in the inium documents, a co-owner may make improvements or alterations within a inium unit that do not impair the structural integrity of a structure or otherwise lessen the support of a portion of the inium project.
The dissolution of a homeowners association in Michigan necessitates a formal resolution, approval from a majority of members, and adherence to specific procedures set forth in the Michigan Nonprofit Corporation Act.
Section 112 requires any co-owner desiring to lease out a unit to disclose that fact in writing to the association at least 10 days before presenting a lease or otherwise agreeing to grant possession of a unit to a tenant, and to supply the association with an exact copy of the lease form to be used to enable the ...