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부동산

Condominium Ownership and Time Shares

2019.03.02 21:06 Views : 96

Condominium Ownership and Time Shares

Condominiums

  • Each owner owns fee simple title to his or her unit. (Fee simple title is the type of ownership in which the person owns the maximum interest a person can have in a piece of real estate. It entitles the owner to use the property in any manner he see fit, in accordance with state and local laws);
  • Each owner pays his/her own taxes and mortgage payments.
  • Common elements (pool, halls, etc.) are owned as tenants in common.
  • Each pays homeowner's association dues for the common areas.
  • Master Deed or Declaration is recorded to show all boundaries of individual units.

Please note that condos and co-ops will be covered in greater detail in a later chapter. Condos and co-ops are two types of Common Interest Developments. You will learn more about the other two types of CIDs in that later chapter, as well.

Time Sharing

"Interval Ownership" is especially popular for vacation resort areas. A buyer purchases ownership of a property for a specific period of time each year. Timeshare "ownership" is fee simple ownership.

Timeshare "use" consists of the right to occupy and use the facilities for a certain number of years. When the time is up, the owner has the right to terminate the use. Timeshare usage is not a fee simple estate.

The Vacation Ownership and Time Share Act of 2004 dictates the California laws in the creation and regulation of time shares in California.

No. Subject Date Views
Notice 부동산 용어사전 2019.04.15 2372
Notice 부동산 용어 (A to Z) 2019.03.03 1601
111 TEST 18 2019.03.23 630
110 Chapter 18 Conclusion 2019.03.23 209
109 TEST 17 2019.03.23 257
108 Hudson Yards file 2019.03.16 106
107 TEST 17 2019.03.10 237
106 Chapter 17 Conclusion 2019.03.10 146
105 TEST 16 2019.03.10 175
104 TEST 15 2019.03.07 130
103 Chapter 15 Conclusion 2019.03.07 448
102 TEST 14 2019.03.07 116
101 Chapter 14 Conclusion 2019.03.07 131
100 TEST 13 2019.03.07 165
99 Chapter 13 Conclusion 2019.03.07 108
98 TEST 12 2019.03.06 353
97 TEST 11 2019.03.06 159
96 CHAPTER 11 2019.03.06 135
95 TEST 10 2019.03.05 235
94 Chapter 10 2019.03.05 252
93 SUMMARY 9 2019.03.05 78
92 TEST 9 2019.03.05 184
91 Chapter 8 Quiz 2019.03.04 144
90 Chapter 8 Conclusion 2019.03.04 272
89 DEED 2019.03.04 94
88 warranty deed 여섯 가지의 covenant 2019.03.04 96
87 Chapter 7 (TEST) 2019.03.04 153
86 Chapter 6 Quiz 2019.03.04 441
85 TEST 5 - Correction 2019.03.02 258
84 Chapter 5 Conclusion 2019.03.02 103
» Condominium Ownership and Time Shares 2019.03.02 96