Understanding Condominium Ownership: Its Features and Legalities - Realty Essay Example
Understanding Condominium Ownership: Its Features and Legalities
In the past, purchasing a condominium is considered a gamble for a variety of reasons - Understanding Condominium Ownership: Its Features and Legalities introduction. However, the perceptions of the people have changed dramatically. As prices of single houses continue to go up, condominiums are becoming more appealing especially to singles, first-time buyers, and retiring couples. The primary attractions are affordability of housing in a highly-desirable area coupled with property benefits and control over problems common in ordinary neighborhoods. It is not surprising then that condominiums are springing up like weeds in various parts of the United States.
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Condominiums in the US first sprouted along the Eastern Seaboard and in resort areas. Since then, condominiums have been in high demand and often sell out completely even before construction is finished.
Condominium ownership, however, entails a lot of responsibilities. An owner must know the laws and statutes implemented in the state he lives in. Each of the states and territories has its own condominium law. The Declaration of Condominium extends the condominium laws of the state to the property. An association is established and authority to administer the affairs of the condominium is given to the Board of Directors. There are also bylaws which serve as bases in the day-to-day operations of the condominium.
The Condominium Law, in particular, aims at maintaining a balance of owners’ rights against imposing too heavy a burden on developers. One example is Section 5 which provides that, in order to prove a breach of any of the obligations, “the plaintiff must show that the alleged breach has adversely affected or will adversely affect the performance of that portion of the unit or common elements alleged to be in breach.”
While others might find some flaws in the condominium law, I salute those who formulated it. With the proper law in place, owners’ awareness and continuous information dissemination on their rights must be the next priority.
Condominium Law: http://www.gov.pe.ca/law/statutes/pdf/c-16.pdf
Buying a Condo, Townhouse, or Cooperative: http://homebuying.about.com/od/buyingacondo/