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13 Cards in this Set
- Front
- Back
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Single Family Home - 2 major restrictions |
1. Zoning restrictions (uses,lot sizes, house sizes, setbacks) 2. Private covenants (someof the same things zoning covers, types of house, color of house, landscaping) |
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Planned Unit Development (PUD) |
- growing housing development with numerous restrictions. - Allow developers tobetter target a particular market for home sales. - HOA has a lien if you don’tpay maintenance expenses |
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HomeownersAssociations (HOAs) Functions and Powers |
- implementingand enforcing the various rules and regulations; found in classic subdivisions,PUD’s, condominiums - Powers:enforce covenants, rules & regulations, collect assessments, maintain thecommon areas (obligation) -enforces rules by bringing legal action against violator |
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Bodine v. Harris VillageProperty Owners Association - Restrictive Covenant RULE |
restrictive covenants arevalid so long as they don’t impair the enjoyment of the estate and are notcontrary to the public interest |
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Turudic v. Stephens dba SusanEstates Residents’ Association - HOA Covenants,Conditions, and Restrictions (CCRs) Interpretation |
(1)examine the text of the disputed provision, in the context of the document as awhole. If the provision is clear analysis ends. (2) If the provision isambiguous, court must look to extrinsic evidence of the contracting parties’intent to resolve the ambiguity. (3) If that analysis is not dispositive, thecourt must look to relevant maxims of construction, including the maxim thatrestrictive covenants should be construed most strictly against the covenant **remember here, that Turudics had a pet cougar and pets are allowed, even if exotic, so they could keep their cougar |
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Condominiums |
Asingle unit in a multiunit project together with an undivided interest incommon areas and facilities of the project. - Unit owner typically has fee simpleinterest in unit & percentage interest in common areas and facilities astenant in common with neighbors |
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Declaration of Condominium |
Primarylegal document for a condo project - propertyowner declares the legally described property to be henceforth held in the condominiumform; required to form, approved by city & recorded - Recordedbefore any conveyances (so that everyone takes ‘subject to’) |
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Common Elements of Condominium |
Everything that is not a unit: -hallways, garage, elevators, lobby, pool, etc. |
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Cooperative Housing |
Buildingowned by a corporation (Building Corporation); typically subject to mortgage onwhole building |
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What Purchaser of Coop Unit Gets |
- transferof shares in corp. & proprietary lease from the corp. (because it’s said tohave the attributes of ownership), Assessments take the form of rent. Items ofpersonal property not covered by recording act - Jointownership in which a unit owner has exclusive use of a dwelling together withrights to shared or common areas - Titleto all of the RE is held by a nonprofit corporation, with each shareholderhaving the right to a dwelling unit pursuant to a long-term lease from thecorporation - Thepurchase of a unit involves the acquisition of a stock certificate in thecooperative entity. This is personal property & the lease is real property,owner has interest in both |
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Buying into Coop |
Buyingin requires approval from the cooperative board (absolute right of approval).The board can’t reject anyone based on illegal discrimination, but can for mostother reasons and don’t have to state a reason for rejecting an applicant |
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Condo v. Coop |
Condo: Rightof first refusal, Get adeed, Transferof real property, Getyour own mortgage, Paymonthly assessments, HOAcan foreclose on an assessment lien, Mortgageforeclosure only affects owner Coop: Rightof consent, Get stock + assignment, Transfer of personalty, Take subject to existing mortgage on building, Pay monthly rent, Building corp can evict under landlord/tenant, Mortgage foreclosure can affect the whole building |
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40 West 67th Streetv. Pullman - Whetherthe business judgment rule is to be applied when a cooperative exercises itsagreed-upon right to terminate a tenancy based on a shareholder-tenant’sobjectionable conduct |
business judgment rule provides that a court should defer to a cooperativeboard’s determination so long as the board acts for the purposes of thecooperative, within the scope of its authority and in good faith - Totrigger further judicial scrutiny, an aggrieved shareholder-tenant must make ashowing that the board acted (1) outside the scope of its authority, (2) in away that did not legitimately further the corporate purpose, or (3) in badfaith. - There must be a legitimate relationship between the Board’s action andthe welfare of the cooperative |
