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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

Subdivision and Series Partition Control Law

Authority given to the Real Estate Commisioner to oversee the marketing & sale of undeveloped, legally separated land.

Partitioning

When land is divided into two or three units in a single calendar year.


The units are called Parcels

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

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

Subdivision or Partition Process

1) Application in writing - with a map called a tentative plan


2) Approval - of the final plat

Dedication

a donation of land which sets aside for public use such property as streets, utility easements, school sites, parks, recreational facilities, etc

Oregon Condominium Act

regulates the creation, marketing, and operation of condominiums

Condominium

this includes:


1) land


2) buildings, improvements, and structures


3) easements, rights and appurtenances

Condomimium Unit

this is property intended for independent ownership with described boundaries

Condominium Declaration

creates the condominium and the covenants, conditions, and restrictions


when recorded, it converts the property to a number of single deed estates

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.

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.

General Common Elements

portions of the condo that are not part of a unit - land, foundations, basements, yards, lobbies, stairs, elevators, etc

Limited Common Elements

elements reserved for the use of certain units - balconies, assigned parking spaces, patios, party walls, etc.

Declarent

The person who records a condominium delcaration

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


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


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

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.

Right of first refusal

if a tenant occupies a unit before conversion to condo, the tenant will be given right of first refusal