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What is the difference between flat and condo?

Generally, a condominium is a private residence that is rented out to tenants, it can be a flat/apartment or an independent house. But in modern use 'condo' is referred to apartments and flats only. Plus, condominiums are owned and rented by individuals so renting a condo is more of a personal, one-on-one process.

Why would additional documentation and disclosures be required for the purchase of a condo quizlet?

Why would additional documentation and disclosures be required for the purchase of a condo? Condos are subject to CC&Rs and rules established by a homeowners' association. The existence of and subjugation to an HOA must be disclosed to the buyer in addition to any other disclosures required by law.

What do Condominiums provide for its tenants?

Mostly, the condo fees provide for the maintenance of the property, including common areas, exterior structures, and some interior structures and appliances. Fees can vary according to what the fees support, and some can be expensive. For major repairs, condo owners may be assessed a special fee to cover the costs.

Do condominiums hold their value?

Do Condos Appreciate In Value? Although properties can appreciate in value faster if they're in a desirable location, the fact remains that most condos appreciate in value at a slower rate than single-family homes.

What documents are needed to sell a condo in Florida?

Declaration of Condominium; Articles of Incorporation; Bylaws and Rules of the Association; and. Copy of the most recent year-end financial information and frequently asked questions and answers document.

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What is the lifespan of a condominium?

What the law refers to in the 50-year rule is the lifespan of a corporation which is essentially the same to unit owners who make up the condominium project. However, the condominium corporation can actually be renewed for another fifty years so the ownership does not necessarily end.

What happens if you own a condo and the building is sold?

Once a condo is sold, it is removed from the collateral for the building's mortgage. The condo unit is now the collateral for the condo's mortgage. If the developer has to hand the building over to the mezzanine lender or a different investor, that will have no direct bearing on the unit's mortgage.

Which document is used by seller to describe the condition of his property to the buyer?

The document provided by the seller that described the condition of the property is known as the Transfer Disclosure Statement. As a buyer, you should receive this document during the contract contingency period. The TDS is arguably one of the most important documents of the entire mortgage process.

What are the positive effects of condo living?

Take a look at some of the pros of owning a condo below! Flexible Living. ... More Affordable Than Single-Family Houses. ... Cheaper Insurance. ... Great Sense of Community. ... Proximity to Entertainment & Business Districts. ... Top-Notch Amenities. ... Appliances Included. ... Covered Maintenance.

What is the true definition of condominium?

A condominium, often shortened to simply \u201ccondo,\u201d is a privately owned individual unit within a community of other units. In general, the owner usually owns the interior of their condo and the structural components of exterior walls.

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What is the difference between flat and condo?

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What is the lifespan of a condominium?

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Which document is used by seller to describe the condition of his property to the buyer?

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