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Utah
Limited Warranty Certificate Issued to Owner of Condominium Unit

Utah 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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FAQ

Answer: First a review of a definition from the IRC (International Residential Code) is useful in the discussion: TOWNHOUSE. A single-family dwelling unit constructed in a group of three or more attached units in which each unit extends from foundation to roof and with a yard or public way on not less than two sides.

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.

Therefore, ownership of a condominium is defined as air space. Since the building and land in which this air space exists is owned in common with other condominium owners, condominium properties generally contain a shared common area.

Condos offer residents the opportunity to embrace homeownership without the hassle of yard work, snow shoveling, or home repairs. Building hallways, entryways, and community spaces are also taken care of by a cleaning or maintenance staff, so you only have to worry about your living space.

Utah Code Title 57 Chapter 8 is the Condominium Ownership Act authored by Keith Romney and passed into law in 1960. The Act allowed individuals to have private ownership of property in a collective unit. Although authored in 1960, the Act wasn't officially adopted until 1963.

Condo laws are often called Horizontal property or strata title acts. Owners have Fee simple title but share common elements to which they are tenants in common.

In a PUD, each residential unit owner has ownership of their home, lot, and common area components. In an HOA, the association owns the land while the homes or condos are owned by the homeowners. In a PUD, both the home and land are owned by the homeowner, in addition to the common area.

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