Avoid transferring the expense of sustaining infrastructure serving the condominium property, including, however not limited to, stormwater techniques and conservation areas, to the general tax bases of the state and native governments. Condominiums are created as licensed by statute and are subject to covenants that encumber the land and prohibit the use of actual property.
After the developer relinquishes management of the association, the developer may exercise the best to vote any developer-owned models in the identical method as some other unit proprietor apart from functions of reacquiring control of the association or selecting the bulk members of the board of administration. If a developer enters into a reservation agreement, the developer shall pay into an escrow account all reservation deposit payments. Reservation deposits shall be payable to the escrow agent, who shall give to the prospective purchaser a receipt for the deposit, acknowledging that the deposit is being held pursuant to the requirements of this subsection. The funds could additionally be placed in both interest-bearing or non-interest-bearing accounts, offered that the funds shall at all cheap instances be obtainable for withdrawal in full by the escrow agent.
An Introduction To Purchasing A Condominium
The members of the board of …