The following By-Laws have been adopted to govern the affairs of the project described in the master deed of the owners. The form also contains defintions of the words and terms used in the document.
New York Bylaws of Condominium
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US-AR-B1039
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FAQ
Buying a condo in New York involves several steps. First, you need to research the New York Bylaws of Condominium to understand the rules governing condominium ownership. Next, consider your budget and seek pre-approval for a mortgage if needed. After finding a condo that fits your needs, you can make an offer, followed by negotiating the terms until both parties reach an agreement.
The Bottom Line A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources. They pay condo fees, which cover maintenance costs, amenities, and the upkeep of common spaces.
A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage, and limited common interests.
A Condominium Declaration, also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property.
Private properties in Singapore In the context of this article, private housing refers to condominiums, landed property, and executive condominiums (ECs). Note that executive Condominiums (ECs) are only treated as full-on private properties from the 11th year onward.
To sum up, the rights of a condominium unit owner are the following: Right of absolute ownership over his unit. Right of exclusive easement of the space of his unit. Right to repair, paint, decorate the interior of his unit.
Where the enabling or master deed provides that the land included within a condominium project are to be owned in common by the condominium owners therein the Register of Deeds may, at the request of all the condominium owners and upon surrender of all their condominium owner's copies, cancel the certificates of title
Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they're considered private properties.
A condop is a co-op that was formed inside of a condominium building. The street level of the building often houses a single condo unit for commercial and retail uses. This space is run under conventional condo rules. Above the commercial space is the co-op, where apartments are divided via shares among residents.
A condo is a form of private housing whereby individual portions of this land is owned by different owners. Aside from individually owned apartment units, there are common facilities shared by all unit owners such as the hallway, elevator, lobby and exterior areas like swimming pool, garden and gym.
