The corporate purposes of said corporation shall be limited to the holding of the common areas, either in ownership or any other interest in real property recognized by law, to the management of the condominium
, and to such other purposes as may be necessary, incidental, or convenient to the accomplishment of said purposes.
Whether or not the ground floor of the building is excluded from the condominium
can be ascertained by reviewing the legal description/plat of survey for the condominium
However, OfficeMetro asserted that these were actually payments of condominium
dues and should not form part of the condominium
's taxable income.
While Goos treats apartment investors that are rental-based cash flow as long-term investment, the condominium
investments are short-term.
association should pass an amendment to the current condominium
declaration as follows: "The definition of 'Owner' is hereby amended to read as follows: 'Owner' shall mean the titleholder of record or, in the event that the titleholder of record differs from the reversion-holder, the holder of the reversion." Given that many associations are currently passing amendments for other, more pressing, reasons, it seems likely that this simple change should face little opposition.
The Department of Housing and Urban Development (HUD) said it will publish proposed rules on FHA's condominium
program later this year and seek formal comment from interested parties.
Strict interpretation serves as both a shield and a sword for condominium
associations and unit owners and does not appear to work in either party's favor.
"After the bottom began to fall out of the real estate market, many developers were unable to sell condominium
units prior to the loan's expiration date.
What responsibility does the condominium
corporation have when an owner fails on the common property?
(5) For this purpose, a "dwelling unit" includes a house, apartment, condominium
, mobile home, boat or similar property, which provides basic living accommodations, such as sleeping space, a toilet and cooking facilities; see Regs.
Mitsuiwa will support installation of biometric authentication technologies including contactless palm vein authentication from Fujitsu, for the condominium
industry and other fields.
According to one developer, 60% of today's luxury condominium
buyers are from South America or Mexico, and 60-65% are second-home buyers.