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22 Cards in this Set
- Front
- Back
Subdivisions and Partitions Law |
Authority given to local jurisdictions, cities, & counties to regulate the legal separation of land into smaller lots or parcels |
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Subdivision and Series Partition Control Law |
Authority given to the Real Estate Commisioner to oversee the marketing & sale of undeveloped, legally separated land. |
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Partitioning |
When land is divided into two or three units in a single calendar year. The units are called Parcels |
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Subdividing |
When a tract of land under single ownership is divided into four or more units within a single calendar year. The units are called Lots |
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Regulations |
Cities & counties have the right to adopt standards and procedures for subdivisions and partitions. Before a regulation is adopted, the planning commission must hold public hearings. The commission has 60 days after a hearing to make recommendations |
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Subdivision or Partition Process |
1) Application in writing - with a map called a tentative plan 2) Approval - of the final plat |
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Dedication |
a donation of land which sets aside for public use such property as streets, utility easements, school sites, parks, recreational facilities, etc |
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Oregon Condominium Act |
regulates the creation, marketing, and operation of condominiums |
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Condominium |
this includes: 1) land 2) buildings, improvements, and structures 3) easements, rights and appurtenances |
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Condomimium Unit |
this is property intended for independent ownership with described boundaries |
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Condominium Declaration |
creates the condominium and the covenants, conditions, and restrictions when recorded, it converts the property to a number of single deed estates |
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Condominium - Unit Description |
description of each unit and included within its boundaries - all spaces, partitions, windows, fixtures, service line outlets, other items including walls & floors that do not contribute to the structural or shear capacity of the condo. |
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Condominium Common Elements |
General or Limited allocated to each unit as a fractional or percentage of undivided interest This is appurtenant to and cannot be separated from the unit. |
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General Common Elements |
portions of the condo that are not part of a unit - land, foundations, basements, yards, lobbies, stairs, elevators, etc |
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Limited Common Elements |
elements reserved for the use of certain units - balconies, assigned parking spaces, patios, party walls, etc. |
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Declarent |
The person who records a condominium delcaration |
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Declaration Amendments |
not effective unless it is approved by at least 75% of owners, the Real Estate Commissioner, and county assessor and is certified by chairperson of of owners association
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Condominium Recording |
any declaration, supplemental declaration or amendment must be approved in writing before it can be recorded
must be recorded within 2 years from date of approval
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Reserve Account |
declarent must establish a reserve account for replacement of common elements must be funded by assessments against all units and NOT refundable to sellers of units |
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Condominium Reports |
Two reports must be delivered to the Real Estate Agency for filing: 1) Condominium Information Report - filed within 90 days of declaration - name of association - name of the condominium & location 2) Annual Report - |
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Conversion Condominiums |
a building, improvement or structure (such as an apartment) that was occupied prior to any negotiation. |
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Right of first refusal |
if a tenant occupies a unit before conversion to condo, the tenant will be given right of first refusal |