703.05 Ownership of units. three. (1) The Registrar of Deeds, appointed below the authority of the Registration of Deeds Act, 2009, shall be the Registrar of Condominiums and shall perform the duties and functions and exercise the powers which are imposed or conferred underneath this Act or prescribed by the laws.
For non permanent (225 day) modification of section, see § 2(l) of Condominium Act of 1976 Technical and Clarifying Momentary Modification Act of 1991 (D.C. Legislation 9-38, August 17, 1991, legislation notification 38 DCR 5805). 703.23 Resident agent; exemption of unit house owners from legal responsibility.
A condominium, which is brief for condominium,” is a personal residence owned by an individual home-owner or household in a building or neighborhood with a number of items or townhouses. Though they are often half of a larger high-rise building, “indifferent condominiums” also exist.
A building with a number of residential items may simply be owned in widespread by a number of people, with every having specific rights to a particular unit and undivided curiosity in the remainder. This is like a condominium, but there is no HOA with authorized powers. It is much harder to govern, as the person unit house owners often have to agree unanimously or courtroom intervention is required.
The studies are beneficial for a number of reasons. They ensure all condominium unit homeowners pay their share of replacement and repair costs primarily based on their period of possession. Potential condominium buyers have gotten extra aware of the significance of reserve fund studies and depend on them when deciding whether or not to purchase. And in the end, these research assist create proactive upkeep plans, scale back restore prices and save owners money in the long run.
Along with paying to your unit and a proportionate share of the widespread property, you also pay monthly condominium fees, along with the entire different unit house owners. This covers the upkeep and alternative of common components — whether or not you utilize them or not. The charges may additionally cover the corporation’s insurance policies, utilities and providers equivalent to snow removal.
8. The lease of recreational and different widespread amenities that will likely be used by unit homeowners in common with unit homeowners of other condominiums. Previous to the submission of all condominium applications required site plan utility have to be on the stage the place format of the event, including the quantity, dimension and site of units, location of the road and all facilities has been accepted.