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Tennessee
Limited Warranty Certificate Issued to Owner of Condominium Unit

Tennessee Limited Warranty Certificate Issued to Owner of Condominium Unit

Category:

Real Estate - Certificates

State:

Multi-State

Control #:

US-03106BG

Format:

Instant download

Description

This Limited Warranty Certificate has been prepared to comply with the requirements of the federal Magnuson-Mass Warranty-Federal Trade Commission Improvement Act enacted in 1975 (15 U.S.C. Section 2301); certain language is required by regulations promulgated by the Federal Trade Commission (16 C.F.R. Section 701.3).

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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How to fill out Limited Warranty Certificate Issued To Owner Of Condominium Unit?

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FAQ

Pursuant to Section 66-27-413 of the Tennessee Condominium Act of 2008, COAs must maintain property insurance and liability insurance for the common elements of the association. The policy must provide coverage at no less than 80 percent of the replacement cost of the insured property at the time of purchase.

Tennessee Code § 66-27-101 et seq. is known as the ?Horizontal Property Act.? The Horizontal Property Act allows contractors or developers, sole owners, and co-owners of a building (the ?Declarant(s)?) to establish an HPR by expressly declaring the intent and desire to establish said HPR ?through the recordation of a ...

A horizontal-property act is a law that governs the ownership and management of cooperatives and condominiums. It sets out the rights and responsibilities of owners, tenants, and management companies.

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.

Condominiums are regulated by the horizontal property acts enacted in most states. The four unities characteristic of a tenancy in common are possession, interest, title, and time.

What is horizontal property? Horizontal property refers to properties with different owners within a building. That is, it is the property that is segregated and that, therefore, each of the properties belongs exclusively to one owner. These people will also be the co-owners of common building elements.

Summary: Tennessee has updated its laws on condominiums with the passage of the Tennessee Condominium Act of 2008. The statute provides comprehensive provisions dealing with condominiums created after January 1, 2009 and also may apply, in certain instances, to existing condominiums.

It is the purpose of the Uniform Condominium Act (UCA) (1980) to provide the needed comprehensive body of law. The character of ownership in condominiums is multiple. There is the individual unit owned by the individual buyer, and there is the common area owned jointly by all.

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