Michigan Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building

State:
Multi-State
Control #:
US-01355BG
Format:
Word; 
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Instant download

Description

A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. This Agreement for the Sale and Purchase of a Condominium Unit is similar to an agreement for the sale and purchase of a lot and building.


Mixed-use development is the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building

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FAQ

Condominiums are essentially corporations Corporations, as mandated by Section 11 of Batas Pambansa Blg. 68, otherwise known as the Corporation Code of the Philippines, cannot exist for more than 50 years; hence, it follows that a condominium can only exist for 50 years.

Sec. 11. The registration and regulation of a condominium corporation shall be vested with the Housing And Land Use Regulatory Board (HLURB) and the term of the said corporation shall be coterminous with the duration of the subdivision projects, the provision of the corporation law to the contrary notwithstanding.

What are the requirements of a condominium 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 condominium documents available for review by co-owners, prospective purchasers, and prospective mortgagees.

The Rights You Are Entitled to as a Condo OwnerEnjoy your condo space quietly; that is, without creating a nuisance for the others living in the same condominium community. Right to get notified in case any individual from the condo's committee needs to gain acc. ess to your suite for repairs and inspection purposes.

While condo boards don't have the legal authority to evict owners and force them to sell their units, they can ask the courts to intervene in extraordinary circumstances where the behaviour of one person is affecting the entire condo community.

11. Can the condominium corporation sell the condominium without my consent? As a general rule, it can. However, if the master deed contains a requirement that the property should first be offered to the other condominium owners within a reasonable time before offering it to third parties, then it may not.

Right to repair, paint, decorate the interior of his unit. Right to sell, mortgage, or lease his unit. Right of co-ownership of land and common areas.

AN ACT relative to condominiums and condominium 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 condominium projects; to provide for escrow arrangements; to provide an exemption from

Four types of legal governing documents are typically associated with subdivisions such as condominiums and planned developments: the Declaration of Covenants, Conditions and Restrictions (or CC&Rs), the Bylaws, the Articles of Incorporation, and the Rules.

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Michigan Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building