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Chapter 3
Chapter 3 Mass Real Estate
| Term | Definition |
|---|---|
| By Laws | As relates to condos; the specific procedures for managing and regulating a condo. Recorded with the Master Deed per M G L 1 83 A. |
| Capital Reserve | A reserve fund set up by a condo management association, to collect monies from unit owners, on a regular basis to finance future capital improvements. Not to be confused with operating reserve. |
| Common Areas | In a condo; all areas not owned as individual units and therefore for the use, and ownership of all owners, and tenants. |
| Common Driveway | A type of easement, where each of two abutters have the right, to cross over the property of the other to gain access to their property (usually a garage). |
| Competent Party | One who has the legal capacity to enter into a contract. |
| Condominium | An estate in real property in a multiple unit residential, or commercial building consisting of the interest in an individual unit, plus an undivided interest along with other unit owners in common areas. |
| Condominium Budget | The annual forecast of monies necessary, to finance the Condominium Common Expenses. |
| Condominium Fee | That part of the condo budget for which the unit owner is responsible (% of common ownership Times condo budget = condo fee. Usually computed for monthly payments). |
| Condominium Square Footage | The number of square feet of space within an individual condo unit. |
| Condominium Trust (Association) | The Management group of unit owners elected by the unit owners, to manage the condo’s business as required by M G L 1 83 A. |
| Condo "Super Lien" | April 1993 change to Mass General law 1 83, that allows the condo association to collect up to 6 months due condo fees, if available upon foreclosure; after taxes due, but before mortgage liens. |
| Cooperative Ownership | A form of ownership, where stock purchased in a corporation, partnership or trust entities the owner to occupancy of one particular unit. |
| Cul-de-sac | A road with an entry at one end, and a circular turn around area at the other end. |
| Elderly | Individuals 62 years of age or older, used in condo conversion law in Mass. to set special condo conversion protection. |
| Handicapped | Person entitled to housing accommodations due to physical handicap under Mass General Law 22. Used in condo conversion law in Mass. to set special condo conversion protection. |
| Low or Moderate Income | Total prior 12 month income, of all unit occupants is less than 80% of area median income, as set forth by H U D, Used in condo conversion law in Mass, to set special condo conversion protection. |
| Master Deed | The deed recorded, when a condominium development is created as required by M G L 1 83 A. |
| Master Insurance Policy | Insurance policy covering the overall condo structure and common area. Names all unit owners and lenders as loss payees. Must be updated to reflect new owner and loss payee, when individual unit changes ownership. |
| M G L 1 83 A | Mass. General Law that regulates the formation, conversion, and management of condos, both commercial and residential. |
| Operating Reserve | Reserve fund commonly established, when new condos are formed (new or conversion). Typically two or three month’s condo fee, and used to provide initial operating capital, for maintenance and repairs. |
| Operating Reserve | Often combined with normal operating funds once project is fully sold, and unit owners have taken over management. Not to be confused with capital reserve. |
| Percent of Common | Ownership in a condo. The ratio of unit square footage to total of all unit square footage expressed as a percent. Used to determine unit owner’s portion of total condo budget. |
| Rules and Regulations | When associated with condos, it refers to some guidelines of daily activities, that help in harmonious condo living. |
| Rules and Regulations | EXAMPLE: Parking regulations and fines, use of tennis courts, swimming pools, or other common areas, use of for sale signs, use of Habachis on desks. Usually not recorded at the Registry of Deeds. |
| Super Lien | Provision of M G L 1 83, that gives a condo association priority in collecting up to 6 months condo fees, before mortgage obligations. |
| Time Share | A form of ownership, that allows multiple owners of a piece of property, each with an undivided interest, for a fixed or variable time of year. EXAMPLE: Ownership of week 36. |
| Unit Deed | A deed transferring title of an individual condominium unit from one party to another. |
| Unit Square Footage | The number of square feet of area within an individual condominium unit. |
| Dockominium | Condominium concept applied to boat docks. |
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