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Tuesday, April 15, 2008

Condo Documents...Here we go again!

April 15, 2008

It's the fine print,really!

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

“Use restrictions” are just what they say they are-restrictions on what the condo may be used for. The following restrictions were taken from an actual document. Children are defined as those twelve years and under. Permanent residents are defined as those occupying a unit 60 days or more. Interpretation: You can have children under twelve if you are vacationing 60 days or less.Imagine your buyer moving in and habitually parking in the nearest space to the elevator. Six months go by. All of a sudden the new buyer receives a notice that in accordance with the condominium documents an assigned space has been reserved. The only problem is the assigned space is across the parking lot, next to the swimming pool! Perhaps parking is unassigned. Usually it is assigned. Advantages of unassigned parking are less management headaches especially if parking is tight. Here is a clause guaranteed to start a war: “but one parking space per unit and one storage space per unit may be later assigned from time to time by the board of directors of the association.”Did you tell your buyer parking was unassigned? You did? Good. Did you tell your buyer he/she might be assigned a permanent space at the discretion of the board? You didn’t? Why not? Because you didn’t know it was in the documents. I’m sure you get the point. The documents are important. And they are not all the same.

Next week on Regulation Tuesday, I will discuss the Typical Use Restrictions and publish a summary.

Thanks for joining us. Remember…read the fine print. All of it.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

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