Condos can make for an ideal low maintenance life-style, second house, or investment property. In the event of an accepted conversion to condominium possession, counties, cities, cities, sanitary districts, or different political subdivisions could impose such prices and costs as are lawfully imposed by such political subdivisions as a result of development of latest structures to the extent that such charges and costs, or portions of such prices and costs, imposed upon property topic to such conversions may be fairly related to better or extra providers offered by the political subdivision as a result of the conversion.
The proportion of any unit owner’s curiosity to the curiosity of all unit house owners is decided by dividing the fair market worth of that unit owner’s unit and customary aspect curiosity by the entire truthful market values of all the units and their frequent factor pursuits.
(g) Wherever this section requires a legal description by metes and bounds of land that’s submitted to this chapter or that may be added to or withdrawn from the condominium, an added requirement shall be a separate legally enough description of all lands through which the unit owners shall or may be tenants in common or joint tenants with another persons, and a separate legally enough description of all lands during which the unit owners shall or could also be life tenants.
“Leasehold condominium” means a condominium in all or any portion of which each unit proprietor owns an estate for years in his unit, or in the land inside which that unit is situated, or both, with all such leasehold interests as a result of expire naturally on the identical time.
A. The declarant, the managing agent, the unit house owners’ association, or the particular person specified within the bylaws of the association shall hold detailed information of the receipts and expenditures affecting the operation and administration of the condominium and specifying the upkeep and restore expenses of the widespread components and some other bills incurred by or on behalf of the association.