What is the difference between buying a house and a condo?
What is the difference between buying a house and a condo?
What’s the difference between a house and a condo? Owners of single-family homes purchase the home structure and the land it sits on, while condo owners own just the unit they live in, not the larger building or the land on which it’s built.
Can a condo association exceed its annual budget?
State law says condo associations aren’t supposed to exceed their annual operating budget by more than 20 percent in a year. But there’s an exception if the condo board notifies unit owners of an emergency increase or gets permission from more than half of them.
How much do condo owners have to pay in Hawaii?
As Honolulu condos age, many boards of directors faced with the need for expensive repairs are asking unit owners to pay large assessments or higher monthly fees. State law says condo associations aren’t supposed to exceed their annual operating budget by more than 20 percent in a year.
How long does it take for a California condo board to approve a budget?
Pursuant to California law, the Board may not increase the regular assessment by more than 20% per year, without the approval of a majority of the homeowners. The Board must circulate a budget to the homeowners not less than 45 days, but no more than 60 days, before the beginning of the fiscal year.
Can a condo owner Sue a condo board?
Because condos are self-regulated, it’s up to owners to file a lawsuit or pay for state-subsidized voluntary mediation services if they feel that a board has broken the law. But lawsuits are expensive and mediation doesn’t always work.
Can a condo association be negligent for a water leak?
(This is one reason why it’s important to define negligence in the bylaws). For example, if the unit owner does not report or try to prevent a water leak that then causes damage to the unit below, then they might be considered negligent – in fact, associations should make it a rule to immediately report any water leaks that are causing a flood.
State law says condo associations aren’t supposed to exceed their annual operating budget by more than 20 percent in a year. But there’s an exception if the condo board notifies unit owners of an emergency increase or gets permission from more than half of them.
Can a homeowners association approve the sale of a condo?
A. Yes, if two-thirds of all the homeowners in the homeowners association approve the sale or transfer of exclusive use rights to a common area. Q. If there are known construction defects am I required to disclose them to a prospective purchaser?
As Honolulu condos age, many boards of directors faced with the need for expensive repairs are asking unit owners to pay large assessments or higher monthly fees. State law says condo associations aren’t supposed to exceed their annual operating budget by more than 20 percent in a year.