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Chapter 23 ________________ Condominiums, Cooperatives, PUDs, and Timeshares

Chapter 23 ________________ Condominiums, Cooperatives, PUDs, and Timeshares. Comparison of estates. Condominiums. Separate elements – exclusively owned and used by the individual owners. Common elements – areas owned by all. Rules. Bylaws – rules by which the owner’s association operates.

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Chapter 23 ________________ Condominiums, Cooperatives, PUDs, and Timeshares

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  1. Chapter 23________________Condominiums, Cooperatives, PUDs, and Timeshares

  2. Comparison of estates

  3. Condominiums • Separate elements – exclusively owned and used by the individual owners. • Common elements – areas owned by all.

  4. Rules • Bylaws – rules by which the owner’s association operates. • Covenants, Conditions, and Restrictions (CC&Rs) – filed list of restrictions by which anyone purchasing a condo unit must abide.

  5. Maintenance Fees • The cost for maintaining the common elements and are allocated among all unit owners. • Generally collected monthly. • Reserves • Taxes and Insurance

  6. Advantages Lower cost Low maintenance Location Amenities Ownership Disadvantages Close proximity to all Loss of control Fees Board of Directors Bylaws Condo Living

  7. Planned Unit Development • Ownership in a community association that owns common areas along with your individual ownership of your lot and home.

  8. Timeshare • A method of dividing up and selling a living unit at a vacation facility for specified lengths of time each year. • Right-to-Use – contractual right to occupy a living unit for one week a year for a term of between 20 to 40 years. • Fee Simple – right to fee ownership of one week each year in perpetuity.

  9. Key Terms • Bylaws • CC&Rs • Common elements • Condominium • Cooperative • Limited common elements • PUD • Proprietary lease • Reserves • Resort timesharing

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