Under condominium ownership, the land and the
apartment building are “subdivided” into two primary segments, one being the
apartment itself and two being the fractional shares of the common elements
(the indivisible parts such as the lot, hallways, stairs, elevator, roof,
etc.). The condominium declaration, along with the plat of subdivision, is
recorded in the Recorder’s office of the County in which the property is
located. Each owner that purchases an apartment unit is bound by the terms of
the plat and the declaration. The subdivision plat describes each unit by
numbers and the percentage of common elements allotted to each, all together
representing the entire parcel of real estate, building and land.
Each unit can be mortgaged individually, and is
assessed individually so each will receive its own real estate tax parcel
number and tax bill. A default in payment of the taxes or the mortgage
relating to one unit creating a foreclosure situation of that unit does not
affect the ownership of the remaining units. In the event one owner of a unit
decides to sell his unit, the condominium declaration generally provides that
he must first offer it to the other owners who retain a “right of first
refusal”. There is most often a monthly condominium assessment attached to
each unit to cover the cost of the maintenance of the common elements,
insurance, operating costs, etc. There may also be special
assessments imposed for large improvements.
It should also be noted that a condominium is a
form of ownership and while it is usually used for residential properties, it
may be used for other types of buildings, such as office buildings.
If you have any further questions regarding this
kind of real estate ownership, please call Benchmark Titles office and ask
for John, Doreen, or Michelle, I am sure we will all be happy to discuss this
issue with you.
Any questions can be directed to Benchmark Title at 618-239-3750. Please feel free to call or email:
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