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11 Cards in this Set
- Front
- Back
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Condominium Laws
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Horizontal Property Acts
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Condominium -- ownership type
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fee simple w/ specified share of common areas
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Condominium -- co-owner type
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Tenancy in common
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NC Condominium Act of 1986 (Creation of a condominium)
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Developer of property executes and records a declaration of its creation in the county where the property is located
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Condominiums -- right of recission
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7 days
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Cooperative Ownership --
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Shareholder in corporation -- receives proprietary lease for life of corporation
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Cooperative ownership -- Corp. to shareholders
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Corporation owns real estate; pays taxes mortgage & expenses
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Townhouse Ownership versus Condominium ownership
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Same except owner owns land on which unit is built
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Timeshare Ownership
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Right to occupy unit during 5 separate time periods over a period of at least five years
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Timeshare -- right of recission
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5 days
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Planned Unit Development (PUD)
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Method of real estate development using flexible zoning -- different types of real estate
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