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Old 07-11-2011, 07:34 AM
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frozone frozone is offline
 
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Default Condo declaration vs CC&R

2 Q?'s

1.) Is a Condo Declaration the same as the Declaration of Covenants, Conditions & Restrictions. Im currently researching a property with CC&R' and trying to distinguish if its a condo or non-condo PUD.

2.) Per the Fannie definition of a condo project... individual owners hold title to the units in the project along with an undivided interest in the... common areas.

The CC&R's for this property state "Purchasers will not directly own any common property, but will indirectly own an undivided interest in the Association Property as a member of the Association

The Association Property as defined as the common areas within the docs.

Is indirectly owning undivided interest through the HOA of the common areas the same as having undivided interest in the common areas?

Any insight would be greatly appreciated.
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Old 07-11-2011, 08:28 AM
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Just called my county clerk and was informed they are in fact 2 separate documents and not one and the same.
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Old 07-19-2011, 04:13 PM
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Quote:
Is indirectly owning undivided interest through the HOA of the common areas the same as having undivided interest in the common areas?
I don't believe so. Indirect ownership is your allotted portion of common areas for being a property owner. The undivided interest would be something like the person who owns the water supply or something equivalent to that?
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Last edited by Mile High Trout : 07-19-2011 at 06:31 PM.
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Old 07-19-2011, 08:31 PM
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Pull the master deed, which (as far as I understand it), includes what you call the CC&Rs.
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