Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Condominium Meaning In Real Estate In Michigan
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Sec. 107. A co-owner may maintain an action against the association of co-owners and its officers and directors to compel these persons to enforce the terms and provisions of the inium documents.
Many traditional subdivisions with detached homes developed in recent years are technically “site iniums.” While people often think of condos as only attached residences, or multistory buildings, where residents share walls and sometimes amenities such as pools, site iniums resemble traditional subdivisions ...
Section 57 of the Act provides that all books, records, contracts, and financial statements concerning the administration and operation of the inium project shall be available for examination by any of the co-owners at convenient times.
What are the requirements of a inium association? The Act requires the association of co-owners to keep current copies of the master deed, all amendments to the master deed, and other inium documents available for review by co- owners, prospective purchasers, and prospective mortgagees.
The dissolution of a homeowners association in Michigan necessitates a formal resolution, approval from a majority of members, and adherence to specific procedures set forth in the Michigan Nonprofit Corporation Act.
AN ACT relative to iniums and inium projects; to prescribe powers and duties of the administrator; to provide certain protections for certain tenants, senior citizens, and persons with disabilities relating to conversion inium projects; to provide for escrow arrangements; to provide an exemption from ...
Sec. 47. (1) Subject to the prohibitions and restrictions in the inium documents, a co-owner may make improvements or alterations within a inium unit that do not impair the structural integrity of a structure or otherwise lessen the support of a portion of the inium project.
Sec. 67. (1) A change in a inium project shall be reflected in an amendment to the appropriate inium document. An amendment to the inium document is subject to sections 90, 90a, and 91.
An example of a condo is a large apartment building where you own your individual apartment but also share in the maintenance of the building's roof, hallways, lobby, elevators, driveway, landscaping, pools, fitness center, and other amenities.
A inium Information Statement (CIS) is the packet of documents provided to buyers purchasing a condo unit that is newly constructed or recently converted from a different use.
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The Condominium Buyer's Handbook is a guide for people who are interested in buying a condominium. A condo, also known as a condominium, is a housing or residential complex where individuals own their units.Site condominiums are a form of land subdivision in which the project is developed under a master deed rather than a plat. Any real estate that can be divided can be subdivided as a condominium. Zoning ordinances do not list condominiums as a land use classification because they are a form of ownership that manifest in many ways. (1) Advertising, sales material, and oral representations shall be truthful and accurate and designed to fully inform the public about the project. A condominium is not a type of property. It is a type ownership. Condominiums are often the most affordable homeownership option for first time buyers, small families, single people, and older Americans. Condos are a different legal form of ownership.