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 For All Living Things In New York
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Inium common areas are community spaces that residents can access within the neighbourhood. These areas are available to all homeowners for use and enjoyment. While all iniums are unique and offer different amenities, some common area examples include: Swimming pools.
Residential inium, the Common Elements may include the land, the exterior and common areas of buildings (entranceway, halls, elevator, meeting room, etc.), landscaping, roads, any outside parking areas, outdoor lighting, any recreational facilities (swimming pool, tennis courts, clubhouse, etc.)
The inium Act is the New York State law which governs the establishment of iniums.
Inium structure means the principal building or structure intended for or constructed upon a lot or building site, together with any attached accessory structures; e.g. in a residential development, the inium structure would refer to the house and any attached garage.
Residential inium, the Common Elements may include the land, the exterior and common areas of buildings (entranceway, halls, elevator, meeting room, etc.), landscaping, roads, any outside parking areas, outdoor lighting, any recreational facilities (swimming pool, tennis courts, clubhouse, etc.)
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 ...
Kitchen appliances within the units are not considered part of the common elements of a inium project since they are typically owned and maintained by individual unit owners. Swimming pools and greenbelt areas are examples of common elements as they are shared facilities within the inium project.
Common elements are owned in undivided shares by all inium unit owners as tenants in common and include portions of the inium shared or used in common by the inium's residents. Examples of common elements are: Building structural components and systems. Lobbies.
A Common Element inium is comprised solely of common elements such as a private road, parking spaces, mailbox pad, play area and any other common elements and do not include dwelling units/lots.
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A condominium, or condo for short, is a large property complex with individual units that are owned and can be rented out privately. Anything that is not part of a condominium unit is ordinarily considered a common element.Many condominiums offer amenities like swimming pools, clubhouses, tennis courts, and golf courses. The floor, ceiling, sidewalks, stairwells, and exterior areas are all part of the common ownership of the condo—known as limited common elements. A Limited Common Element is a part of the commonly owned property that only a few apartments, or even one apartment has access to. There are three primary kinds of common interest communities: condominiums ("condos"), cooperatives and planned communities. Common elements are everything in a condominium that isn't a unit. As a condo owner, you share common elements and common expense fees in the condo building. The common elements shall remain undivided and no right shall exist to partition or divide any thereof, except as otherwise provided in this article. Each unit owner shall own an undivided interest in the Common Elements as a tenant in common equal to the percentage of ownership.