Condos and Co-ops
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PrefaceviiAbout the authorixAcknowledgmentsxiPart AThe General Practice of Condos and Co-ops1Chapter 1Condominium Living3Learning Objectives3Key Terms3Condominium Ownership in a Residential Community3Mistaken Identity4Is It a Unit or an Apartment?5Is It a Town House or a Condominium Town House?5Town Houses in a Planned Unit Development6Conclusion6Case Studies6Chapter 1 Review Questions8Chapter 2Condominium Legislation9Learning Objectives9Key Terms9What is Horizontal Ownership?9Definition of a Condominium Unit10Who are the Co-Owners?10General and Limited Common Elements10Statutory Requirements11The Mountain View Condominium Case13Certificate of Dues and Assessments13Condominium Association Documents14The Condominium Addendum15Self-Management Versus Professional Management15Conclusion18Case Studies19Chapter 2 Review Questions24Chapter 3Conversions26Learning Objectives26Key Terms26What Was It Before the Conversion?26Creating a Conversion Team27Conversions and Property Management Firms28Conclusion28Case Studies29Chapter 3 Review Questions31Chapter 4Cooperative Living32Learning Objectives32Key Terms32What is Cooperative Ownership?32Shareholders in a Cooperative33State Laws Governing Cooperative Ownership34Condominiums Versus Cooperatives37Real Estate Agents and Buyers of Cooperatives37Conclusion39Case Studies39Chapter 4 Review Questions42Chapter 5New Construction43Learning Objectives43Key Terms43Is the New Condominium Project Fannie Mae Approved?43Transitioning a Condominium Development Over to the Homeowners' Association44Common Area Maintenance44Potential Conflict of Interest45Tax Abatement Incentives45The International Building Code and the International Residential Code46Safety and Comfort Concerns in Multifamily Dwellings46Panelized Construction47The Trap of Determining Cost Per Square Foot48Conclusion48Case Studies49Chapter 5 Review Questions52Chapter 6Insurance Coverage53Learning Objectives53Key Terms53Various Types of Homeowners' Insurance Policies53The HO-6, HO-2, HO-3, and HO-4 Insurance Policies54Optional Insurance for Consideration56Purchase Offers Ideally Subject to Obtaining Homeowners' Insurance56Comprehensive Loss Underwriting Exchange57Proportionate Share of the Homeowners' Association's Insurance Premiums57Bonding57Director and Officer Liability Insurance57Conclusion58Case Studies59Chapter 6 Review Questions61Part BCondominium Association Documents63Section 1The Articles of Incorporation65Conclusion69Section 1 Review Questions70Section 2The Bylaws71Conclusion80Section 2 Review Questions81Section 3The Covenants, Conditions, and Restrictions82Conclusion104Section 3 Review Questions105Section 4The Rules and Regulations106Conclusion111Section 4 Review Questions112Answer key113Glossary119
