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.
Define Condominium In Real Estate In Philadelphia
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Philadelphia
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There are three common real property measurement methods; the Gross Building Area (GBA), Gross Living Area (GLA), and the American National Standard Institute (ANSI). While each method is specific in what areas are included and excluded, all of them calculate the property size based on square footage.
Iniums in Pennsylvania are governed by the Uniform inium Act, 68 Pa. Stat. §§ 3101 to 3414 (the “UCA”). Although “inium” is a term generally used to refer to an individually-owed unit, it is also a form of ownership where property other than the individual unit is deemed to be common property.
Pennsylvania's inium property acts require that a registered land surveyor prepare a plat showing the elevations of floors and ceilings on a vertical plane and the boundaries of a inium unit with reference to an official datum.
A property survey confirms the boundaries of a given property ing to records and legal descriptions. It can be potentially significant to know where your property line is for legal purposes and if you're adding structures to your property.
Pennsylvania Uniform inium Act C.S. §§ 3101 to. 3414) was adopted in 1980 to govern the formation and operation of iniums. Prior to the UCA, iniums in Pennsylvania were governed by the since-repealed Unit Property Act. By definition, a inium is a form of real estate ownership.
Maintenance, repair, and replacement of a limited common element is usually the responsibility of the association except to the extent the declaration shifts that duty to the unit owner.
The Pennsylvania General Assembly enacted Act 115, which amends Title 68 of the Pennsylvania Consolidated Statutes and impacts the governance of homeowners associations (also known as planned communities), inium associations and cooperatives in the Commonwealth.
Pennsylvania's inium property acts require that a registered land surveyor prepare a plat showing the elevations of floors and ceilings on a vertical plane and the boundaries of a inium unit with reference to an official datum.
In a inium, the common facilities are owned directly by the unit owners as an interest appurtenant to the units. In a planned community, the common facilities are owned by the association, and each unit owner has a membership interest in that association because they hold the title to their unit.