City Trend With Steep Condo
There are actually many people who dreams of having a home near a beach. A building with multiple residential units may simply be owned in common by multiple people, with each having specific rights to a particular unit and undivided interest in the rest. If the developer is no longer in business, its condominium association may have little or no legal recourse in the event of serious flaws are discovered on the property.
While condos are usually managed by a Homeowners’ Association (HOA), each individual unit has a separate owner. The declaration also provides the process for making decisions about the repair and maintenance of the property, the assessment and collection of common expense fees and provisions about the board of directors.
However, shares are not considered as real estate but as personal property and the co-op can take the possession of the apartment for a term time and evict …