Posted by: Richard Recuset | 02/08/2013

Condo ownership

If a unit, like most units in Doral, is in a condominium, each owner buys a unit and the undivided interest in the common elements of the condominium. As the owner, you’re a tenant in common with all the owners of units in the condominium, no individual owner can sell off any portion of the common elements. The undivided interest in the common elements is called an appurtenance to the unit, and it is part of the bundle of ownership rights that comes with the fee simple ownership of the unit.clip_image002

Also, no interest in a common element of limited common element can be transferred separately from the title to the unit, with very limited exceptions. The Condominium Act provides that parking spaces may be transferred among unit owners, if the authority to do so is contained in the declaration of condominium.

Keep in mind, there is no such thing as title to a parking space or a boat slip or a storage unit. The space, slip or storage unit number may be shown on the deed, but a unit owner has no ownership interest in the space, slip, or storage unit. The owner has an exclusive use right to the space, slip, or storage unit; the space, slip, or storage unit are appurtenances to the unit, which transfer to the new buyer with title to the unit.

A unit and its boundaries are delineated in the declaration. Generally, the unit boundaries are the unfinished surfaces of the floor and ceiling, and the four perimeter walls of the individual unit.

The common elements will consist of all of the condominium property outside of the boundaries of the unit itself.

The condominium is the physical plant, the building or buildings, the amenities and facilities, and the land on which they are located.

The association is the corporations that operates the condominium and is responsible, through the board of directors, to maintain, repair, and replace the condominium property and preserve the property values. The board of directors is the one that approves and or hires a specific property management company to handle all the recordkeeping and maintenance, and so the condo community will ultimately only be as good as the relationship between the board of directors and the property management company.

teamDoral is a RE/MAX Premier Associates Group. Richard Recuset is a REALTOR®, team leader, Short Sale Agent, Listing Marketing Specialist,Certified Distressed Property Expert (CDPE), Certified Internet Professional, and an Accredited Commercial Professional (ACP), serving the City of Doral, Fl., and surrounding areas.

When you hire team-DORAL for your real estate needs, you not only get highly qualified professionals on your side, but also access to information, markets, technology and a team of experts from around the world.
You also tap into a global network with vast experience in residential and commercial real estate. That network comprises thousands of dedicated individuals, all with just one thing in mind: producing the best possible results for our clients.

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advise and is for information purposes only.

Epro 073860_REMAX_Number_1 CDPEReflectionLogo ACP Print

                                   10728 NW 58 ST, Doral, Fl 33178

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

Follow

Get every new post delivered to your Inbox.

Join 855 other followers

%d bloggers like this: