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MA Real Estate
Condominiums, Cooperatives and Time Share
| Question | Answer |
|---|---|
| "Piece of the Whole" Ownership - 3 types | Condominiums; Cooperatives; Time Shares |
| Master Deed | The deed recorded when a condominium development is created as required by M.G.L. c. 183A. |
| Unit Deed | A deed transferring title of an individual condominium unit form one party to another. |
| Unit Square Footage | The number of square feet of area within an individual condominium unit. |
| Bylaws | As relates to condominiums; the specific procedures for managing and regulating a condominium. Recorded with the Master Deed per M.G.L. c. 183A. |
| Capital Reserve | A reserve fund set up by a condominium management association to collect monies from unit owners on a regular basis to finance future capital improvements. |
| Common Area | In a condominium; all areas not owned as individual units and therefore for the use and ownership of all owners and tenants, |
| Condo Budget | The annual forecase to monies necessary to finance the condominium common expenses |
| Condo Fee | That part of the condominium budge for which the unit owner is responsible (% of common ownership x condo budget = condo fee. Usually computed for monthly payments). |
| (Condo) Super Lien | Allows the condominium association to collect up to 6 months due condo fees if available upon foreclosure; after taxes due but before mortgage liens. |
| (Condo) Trust/Association | The management group of unit owners elected by the unit owners to manage the condominiums busiiness as required by M.G.L. c. 183A. |
| Condominium | An estate in real property in a mulitple 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. |
| Dockominium | Condominium concept applied to boat docks |
| Elderly | Individual 62 years of age or older - used in condominium conversion law in Massachusetts to set special condo conversion protection. |
| Handicapped | Person entitled to housing accomodations due to physical handicap under M.G.L. c. 22. Used in condominium conversion law in Massachusetts 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 condominium conversion law in Massachusetts to set special condo conversion protection. |
| Master Insurance Policy | Insurance policy covering the overall condominium 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. c. 183A | Massachusetts General Law that regulates the formation, conversion and management of condominiums, both commercial and residential. |
| Operating Reserve | Reserve fund commonly established when new condomonimums were formed (new or conversion). typically 2-3 months condo fee and used to provide initial operating capital for maintenance and repairs. |
| Percent of Common Ownership | In a condominium; the ratio of unit square footage to toal of all unit square footage expressed as a percent. Used to determine unit owner's portion of total condominum budget. |
| Rules and Regulations | When associated with condominiums, refers to guidelines to daily activities that help in harmonius living (parking regulations, use of signs, habachis, tennis courts, swimming pools, etc) |
| Time Share | Form of ownership that allows multiple owners a piece of property each with an undivided interest for a fixed or variable time of year (for example, ownership of week 36). |
| 6(d) Certificate | Issued by condominium manangement association documenting the status of any condo fees or special assessment or other charges due by the unit onwer. Must be present at transfer of ownership. M.G.L. c. 183 section 6 (d). |
| Major Conversion Provisions | 1)Filing of Master Deed; 2) tenants given period of time to vacate base on status as elderly, handicapped, low/moderate income or other; 3) tenants given chance to purchase unit at terms equal or better than those offered to general public. |
| Cooperative | A form of ownership where stock purchased ina corporation, partnership or trust entitles the owner to occupancy of one particular unit. |
Created by:
mkenziemay
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