Condominium Real Estate Definition In Michigan
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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.
What are the requirements of a inium association? The Act requires the association of co-owners to keep current copies of the master deed, all amendments to the master deed, and other inium documents available for review by co- owners, prospective purchasers, and prospective mortgagees.
The inium declaration, also called a master deed or master lease, is recorded in the public records, binding all current and future condo owners to its terms and conditions. It includes restrictive covenants on inium owners that regulate the use of both common areas and private inium units.
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.
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 ...
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.
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.
A inium is similar to an apartment in that it's an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident.
