A condominium unit is a creation of statute and is
subject to the provisions of Title 7 of the Texas Property Code. The
owner of a unit usually owns the right to use the airspace inside the
interior walls and the surface of the interior walls of the unit, and
has a percentage interest in the "bricks and sticks" of the
project in common with all the other unit owners. To be a condominium,
the condominium declaration must be filed in the real property records
of the appropriate county (some early condo declarations were recorded
in the real property records but more recently, most county clerk’s
offices have separate Condominium Records). The legal description must
include the unit number, the building number, the name of the project,
the recording information of the declaration and amendments, and the
names of the county and state. The percentage ownership interest in the
general common elements is no longer required to be part of the legal
description as percentage ownership is reflected in the condominium
There are many condos inspections performed by Al Austin. These photos
represent only 3 properties out of thousands.
Board of Directors
The board of directors of a condominium
is elected by the members of the condominium corporation for a period of
three years. The board of directors is obligated by the Condominium Act
to represent the interest of the unit owners in the condominium with
respect to any concerns with the common elements.
Bylaws of the condominium corporation
are usually registered by the declarant and indicate how the condominium
will be organized. (For example - the board of directors, meetings and
The date of title transfer of the unit
after the declarant registers the Declaration and Description of the
Common elements are different for each
condominium corporation. They are listed in Schedule C of the Disclosure
Statement or Declaration and Description.
Applies to a specific type of proper
ownership. The legislation governing condominiums is the exclusive
jurisdiction of the province.
Condominium Agreement of Purchase and
Condominium Agreements of Purchase and
Sale are distinctly different from single family agreements. It is
recommended that a condominium lawyer review the agreement before it is
signed. Once the agreement is signed a Disclosure Statement must be
provided which sets out the by-laws of the corporation and describes the
boundaries for the common elements. Delivery of this document activates
a 10 day cooling off period for homeowners and allows them to get out of
the deal within the 10 day period if they provide written notice to the
declarant or proposed declarant or solicitor for the proposed declarant.
A condominium is a legal entity created
by registering a Declaration and Description with the appropriate Land
Registry. The primary purpose of a Condominium Corporation is to manage
the condominium property and business affairs.
Condominium ownership has a dual nature.
A condominium owner holds title to their unit and at the same time
shares with other units both the title and cost of operating the balance
of the property constituting the condominium.
Confirmed Occupancy Date
The date confirmed in writing by the
vendor/builder as the date occupancy will be provided to the purchaser
of the unit.
The owner or owners in a fee simple
of the land described in the description at the time of registration
of a Declaration and Description.
Outlines what constitutes the
division of ownership within the corporation by detailing the common
elements, the units and the percentage ownership each unit has in
the common elements.
A receipt executed by the vendor and
ONHWP confirming to the purchaser the benefits of the plan in
respect of the purchase agreement. Required only for condominium
In the case of a condominium
dwelling unit, the deposit includes monies received by a vendor
after the date of possession and prior to the date of transfer, but
does not include the interim occupancy fee.
Is a detailed plan of the layout and
location of the development, including a survey of the land and
details the location and outlines of the buildings. The description
also provides the specification of the boundaries of each unit. The
legal description of units may vary condominium to condominium.
Provides general description of the
property and provisions which apply to the amenities portion of
units which will be marketed as blocks. Contains a brief description
of the existing or proposed declaration, bylaws, rules and a budget
statement for one year following registration.
Exclusive Use Common Elements
Portions of the common elements
which may be for the exclusive use of one or more unit owner. The
maintenance and upkeep may be either the responsibility of the
Condominium Corporation or the unit owner.
Interim Occupancy Payment
A payment made by the purchaser
after occupancy, but before a deed or transfer of the unit
acceptable for registration is delivered to the purchaser.
The limitations imposed by the Act are: The amount may not exceed,
on a monthly basis, the total of:
The amount of interest the
purchaser would have paid in respect to any mortgage.
Estimated municipal taxes.
Projected monthly common
expenses for that unit.
Land described in an agreement of
purchase and sale that provides for delivery of a deed or transfer
to occur after registration.
The registration of a Condominium
Corporation initiates the warranty period for the common elements, a
turnover meeting within three months (provided the declarant does
not own the majority of units).
A fund set up by the corporation for
major repair and replacement of common elements and assets of the
corporation. It is maintained through the collection of money from
unit owners by way of the maintenance fees. Any shortfalls in the
reserve is the responsibility of the declarant prior to
registration, and the responsibility of the corporation after.
Shared facilities implies that more
than one Condominium Corporation may share in the use of the common
elements, even though only one Corporation may hold title. A Shared
Facilities Agreement would be referenced in each condominium
corporation declaration as well as a detailed breakdown of how the
operational costs will be shared. While ownership remains with the
named corporation, the by-laws for that corporation outline how the
member condominiums participate.
Tentative Occupancy Date
The date originally set out in the
agreement as the target date for occupancy of the unit.
A turnover meeting is called within
21 days of the declarant ceasing to be a majority owner of units.
The declarant hands over all the financial and business information
with respect to the condominium.
Unit means a part or parts of the
land included in the description, and comprises all space enclosed
by its boundaries in accordance with the Declaration and
Warranty coverage takes effect on
the date the purchaser takes possession of the unit. However,
ownership is not transferred until the condominium is registered.
The warranty for common elements takes effect on the date of
registration of the declaration and description of the project.