As an apartment owner, you automatically become a member of the Homeowners’ Association (HOA). But what does that mean, and how are important decisions about the building made? Understanding the HOA’s decision-making process is key to protecting your investment. How are decisions made? Decisions are made during HOA meetings, where owners vote on matters such…
When buying or selling an apartment, understanding the hierarchy of rules in apartment law is crucial. What happens if the deed of division conflicts with the house rules? A clear hierarchy determines which regulations prevail. What is the order of precedence? The hierarchy outlines which rules take priority in case of conflicts: Why does it…
Dividing a building into apartment rights is a precise process that ensures each owner’s rights and obligations are legally defined. But how does it work, and what should real estate agents know about it? What is division? When a building is divided into apartment rights, each owner gains exclusive rights to a specific part of…
In disputes about what’s private or shared in an apartment complex, it’s crucial to know which document takes precedence. Typically, this involves the deed of division and the division plan. But what happens when these conflict? Deed of Division: The Legal Foundation The deed of division is drafted by a notary and registered in the…
When dealing with apartments and Homeowners’ Associations (HOAs), two key documents often come up: the declaration of division and house rules. While both outline regulations, they serve different purposes and have different legal statuses. What is a declaration of division? The declaration is part of the deed of division and includes: This document is legally…
When buying an apartment, terms like “ownership shares” often come up in the deed of division. But what do these shares represent, and why are they important? For real estate agents, explaining this to buyers and sellers is crucial. What are ownership shares? Ownership shares determine an apartment owner’s stake in the entire building. This…
HOAs make numerous decisions, such as those about maintenance, cost-sharing, or building changes. But what if a decision is unfair or violates the rules? This is where the distinction between null and voidable decisions becomes important. What is a null decision? A null decision is legally invalid from the moment it’s made. This occurs when:…
As a real estate agent or appraiser, you’ll encounter apartment law alongside other legal fields like rental law, neighbor law, and administrative law. How do these interact, and why is it essential to understand their impact? Key Legal Areas and Their Influence Why is this important for agents? Practical Tips
Deferred maintenance can be a significant issue when selling an apartment. It affects not only the property’s value but also its financing. How can you identify this as an agent, and what advice should you provide? What is deferred maintenance? Deferred maintenance refers to essential repairs or renovations needed for shared parts of a building,…
Since the introduction of the Improved HOA Functioning Act in 2018, HOAs must meet stricter maintenance and financial reserve requirements. What does this mean for selling an apartment? What does the act entail? The act aims to improve building maintenance and promote sustainability. Key components include: Impact on Marketability What Can Agents Do? Practical Tip…
