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How many condo owners?
In most communities, the majority of residents in condos are owners. There are some rental units, but for the most part the people that own the condo also live in it.
What will be put into the Chicago Spire?
Condos and amenities for the use of the condo owners.
How do standard home-owners policies differ from condo insurance policies?
There is some liability with condo insurance since a fire in your home could also do damge to a neighbor. Regular home owners wont cover that since buildings are sperated.
Have Florida legislators passed a law to force condo owners to pay their condo fees?
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
Is it mandatory that a board member of a condo be required to live in that same condo?
Read your governing documents to determine the residency requirements for board service eligibility. It is possible that the majority of the board must be resident owners, all members must be resident owners or there may be no residency requirement. There is no standard.
In today's market, is there much demand for a condo for rent?
Condo's are rarely rented except by their individual owners. The demand for housing is recovering, but prices are not. This of course is described as a buyer's market since the seller has little leverage.
What insurance is available for owners of condos?
If you own a condo, you can get basically the same type of insurance as a homeowner, depending on what type of condo you have. If you condo is more like apartments, you may be able to get insurance similar to renters insurance, while if you have a stand alone home, you can basically get just home owner insurance.
Can an owner of a condo pass on to the condo owners the park fee he was require to pay before building the condos?
There is no standard answer to your question. Read your governing documents to determine what is possible in your case. There may be special fees you pay when you purchase a unit from a developer, which may be passed along to subsequent owners, or not -- according to what's written in your declaration.
Do California condo owners pay property taxes?
Yes. Just as you would pay property taxes on any property that you own.
How to Determine What Type Of Condo Insurance to Buy?
Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided. The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost. If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.
Does auto owners ins co insure condo?
You can query your auto insurance carrier to discover whether or not the company insures condominiums. There is no standard.
How do you calculate the Owner occupancy Ratio in a condo?
Learn how many of the units in a condominum are lived in by their owners, and then divide that number by the total number of units there.
