Define Condominium In Real Estate In Michigan

State:
Multi-State
Control #:
US-00455
Format:
Word; 
Rich Text
Instant download

Description

The document titled 'Contract for the Sale and Purchase of Real Estate Developed Condominium Unit' serves as a legal agreement between the seller and buyer regarding the sale of a condominium unit in Michigan. It defines key elements such as property description, purchase price, closing costs, and other stipulations necessary for real estate transactions involving condominiums. The form includes essential features such as earnest money deposits, title conveyance details, and various provisions regarding inspections, liabilities, and assessments applicable to the property. This contract is particularly relevant for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a structured agreement that facilitates the sale process while protecting the interests of both parties. Users can fill out and edit the form by providing specific property details, financial terms, and mutual agreements, ensuring clarity in their responsibilities and rights. The form also addresses unique aspects of condominium ownership, including shared responsibilities, common area management, and adherence to state regulations. Overall, it is a practical tool for facilitating real estate transactions in Michigan's condominium market.
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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