Define Condominium In Real Estate In Dallas
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Inium Definition: A form of real property with portions of the real property designated for separate ownership or occupancy, and the remainder of the real property designated for common ownership or occupancy solely by the owners of those portions. TUCA Sec. 82.003.
A inium Information Statement (CIS) is the packet of documents provided to buyers purchasing a condo unit that is newly constructed or recently converted from a different use.
Section 82.113 - Association's Lien for Assessments (a) An assessment levied by the association against a unit or unit owner is a personal obligation of the unit owner and is secured by a continuing lien on the unit and on rents and insurance proceeds received by the unit owner and relating to the owner's unit.
Board Members and Officers. (a) Except as provided by the declaration, bylaws, or this chapter, the board shall act in all instances on behalf of the association if in the good-faith judgment of the board the action is reasonable.
Section 82.111 - Insurance (a) Beginning not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) property insurance on the insurable common elements insuring against all risks of direct physical loss commonly ...
Texas law supersedes any POA governing documents, which tend to be updated by numerous people over time, leaving room for numerous interpretations. Before drafting, changing, or enforcing any policies in your governing documents, remember: the laws of the land come first.
Section 82.153(c) requires the declarant to promptly amend the inium information statement to reflect material and substantial contents.
The property owner rule provides that a property owner is qualified to testify about the value of her property, even if she would not be qualified to testify about the value of other similar property.
Generally, a inium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, iniums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.
An example of a condo is a large apartment building where you own your individual apartment but also share in the maintenance of the building's roof, hallways, lobby, elevators, driveway, landscaping, pools, fitness center, and other amenities.
