Condos And Co-ops

by Tim Meline

• ISBN13: 9781419515286
• ISBN10: 1419515284
• Format: Paperback
• Copyright: 2006-01-26
• Publisher: Kaplan Publishing

Author Biography

Tim Meline, DREI, is the director and senior instructor for Iowa Real Estate School

Table of Contents

Preface	p. vii
About the author	p. ix
Acknowledgments	p. xi
The General Practice of Condos and Co-ops	p. 1
Condominium Living	p. 3
Learning Objectives	p. 3
Key Terms	p. 3
Condominium Ownership in a Residential Community	p. 3
Mistaken Identity	p. 4
Is It a Unit or an Apartment?	p. 5
Is It a Town House or a Condominium Town House?	p. 5
Town Houses in a Planned Unit Development	p. 6
Conclusion	p. 6
Case Studies	p. 6
Chapter 1 Review Questions	p. 8
Condominium Legislation	p. 9
Learning Objectives	p. 9
Key Terms	p. 9
What is Horizontal Ownership?	p. 9
Definition of a Condominium Unit	p. 10
Who are the Co-Owners?	p. 10
General and Limited Common Elements	p. 10
Statutory Requirements	p. 11
The Mountain View Condominium Case	p. 13
Certificate of Dues and Assessments	p. 13
Condominium Association Documents	p. 14
The Condominium Addendum	p. 15
Self-Management Versus Professional Management	p. 15
Conclusion	p. 18
Case Studies	p. 19
Chapter 2 Review Questions	p. 24
Conversions	p. 26
Learning Objectives	p. 26
Key Terms	p. 26
What Was It Before the Conversion?	p. 26
Creating a Conversion Team	p. 27
Conversions and Property Management Firms	p. 28
Conclusion	p. 28
Case Studies	p. 29
Chapter 3 Review Questions	p. 31
Cooperative Living	p. 32
Learning Objectives	p. 32
Key Terms	p. 32
What is Cooperative Ownership?	p. 32
Shareholders in a Cooperative	p. 33
State Laws Governing Cooperative Ownership	p. 34
Condominiums Versus Cooperatives	p. 37
Real Estate Agents and Buyers of Cooperatives	p. 37
Conclusion	p. 39
Case Studies	p. 39
Chapter 4 Review Questions	p. 42
New Construction	p. 43
Learning Objectives	p. 43
Key Terms	p. 43
Is the New Condominium Project Fannie Mae Approved?	p. 43
Transitioning a Condominium Development Over to the Homeowners' Association	p. 44
Common Area Maintenance	p. 44
Potential Conflict of Interest	p. 45
Tax Abatement Incentives	p. 45
The International Building Code and the International Residential Code	p. 46
Safety and Comfort Concerns in Multifamily Dwellings	p. 46
Panelized Construction	p. 47
The Trap of Determining Cost Per Square Foot	p. 48
Conclusion	p. 48
Case Studies	p. 49
Chapter 5 Review Questions	p. 52
Insurance Coverage	p. 53
Learning Objectives	p. 53
Key Terms	p. 53
Various Types of Homeowners' Insurance Policies	p. 53
The HO-6, HO-2, HO-3, and HO-4 Insurance Policies	p. 54
Optional Insurance for Consideration	p. 56
Purchase Offers Ideally Subject to Obtaining Homeowners' Insurance	p. 56
Comprehensive Loss Underwriting Exchange	p. 57
Proportionate Share of the Homeowners' Association's Insurance Premiums	p. 57
Bonding	p. 57
Director and Officer Liability Insurance	p. 57
Conclusion	p. 58
Case Studies	p. 59
Chapter 6 Review Questions	p. 61
Condominium Association Documents	p. 63
The Articles of Incorporation	p. 65
Conclusion	p. 69
Section 1 Review Questions	p. 70
The Bylaws	p. 71
Conclusion	p. 80
Section 2 Review Questions	p. 81
The Covenants, Conditions, and Restrictions	p. 82
Conclusion	p. 104
Section 3 Review Questions	p. 105
The Rules and Regulations	p. 106
Conclusion	p. 111
Section 4 Review Questions	p. 112
Answer key	p. 113
Glossary	p. 119
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