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.
Define Condominium In Real Estate In Michigan
Instant download
Description
Free preview
Form popularity
FAQ
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.
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 ...
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.
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.
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.
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.
For example, a garden inium complex consists of low-rise buildings built with landscaped grounds surrounding them. A townhouse inium complex consists of multi-floor semi-detached homes.
A inium is type of living residence within a multi-unit complex where each unit is individually owned. iniums are commonly called condos, for short. The origin of the term 'inium' comes from Latin meaning "joint rule."
Expert-Verified Answer The best description of inium ownership is that the space inside the unit belongs to the unit owner, while all owners share ownership of the common elements.
More info
It is used to describe a condominium development with single-family detached housing instead of two or more housing units in one structure. Condominium standards for approval vary among ordinances ranging from a basic definition to a complete Condominium article in the ordinance.Site condominiums are a form of land subdivision in which the project is developed under a master deed rather than a plat. Condominium is a form of real property that continues to be popular in Michigan as well as throughout the Country. The Michigan Condominium Act, passed in 1978, establishes guidelines for the creation, ownership, and management of condominiums in the state. (a) An accurate legal description of the land involved in the project. (1) Advertising, sales material, and oral representations shall be truthful and accurate and designed to fully inform the public about the project. (1) A change in a condominium project shall be reflected in an amendment to the appropriate condominium document. Condominiums have characteristics of private homes and shared living spaces. The master floor plan defines individual units and common spaces.