Define Condominium In Real Estate In Michigan

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Multi-State
Control #:
US-00455
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Word; 
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Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
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FAQ

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.

AN ACT relative to iniums and inium projects; to prescribe powers and duties of the administrator; to provide certain protections for certain tenants, senior citizens, and persons with disabilities relating to conversion inium projects; to provide for escrow arrangements; to provide an exemption from ...

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.

Sec. 107. A co-owner may maintain an action against the association of co-owners and its officers and directors to compel these persons to enforce the terms and provisions of the inium documents.

Sec. 67. (1) A change in a inium project shall be reflected in an amendment to the appropriate inium document. An amendment to the inium document is subject to sections 90, 90a, and 91.

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.

For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.

A inium is type of living residence within a multi-unit complex where each unit is individually owned. iniums are commonly called condos, for short. The origin of the term 'inium' comes from Latin meaning "joint rule."

Expert-Verified Answer The best description of inium ownership is that the space inside the unit belongs to the unit owner, while all owners share ownership of the common elements.

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Define Condominium In Real Estate In Michigan