Define Condominium In Real Estate In New York
Description
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FAQ
A inium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
Pursuant to section 19 of the Act, MTCC 1328 has the right to enter the Owner's unit, upon giving reasonable notice, at any reasonable time to perform its objects and duties or to exercise its powers.
Property MUST be declared as a inium in the form of Legal Description and recorded declarations. Typically have "common" insurance on the structures. Condos have a greater degree of internal control, rules and regulations as opposed to townhomes or PUD's.
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.
Start by looking up the specific property, or even any unit in the same building, at the county property appraiser's website. Scroll down and click on the Book/Page of the last Warranty Deed . This will link to the clerk of courts website and open up a deed.
Inium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
The inium Act is the New York State law which governs the establishment of iniums.
Generally speaking, the declaration is the document that creates the inium. (It gets its name because it “declares” that the inium has been created.) To make it legal and operational, it is recorded in the land records in the county where your inium is located.
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.
The Declaration of Covenants, Conditions and Restrictions, or “CC&Rs”, is the primary and most important governing document for a inium or planned development, and is required for all iniums and planned developments.
