Unless authorized by the affirmative vote of all stockholders or members, a
condominium corporation shall not, during its existence, sell, exchange, lease, or otherwise dispose of the common areas owned or held by it in the
condominium.
Section 10(c) of the Illinois
Condominium Property Act addresses this issue.
In other words, if the payments are to be used for the maintenance and upkeep of
condominium facilities and to raise the quality of life of the
condominium occupants, they do not form part of the income of the
condominium corporation.
Based on his extensive experiences in global real estate businesses, Goos raised several types of
condominium business model that awakens many Cambodians who have expected only a single type exist.
This comment argues that the Louisiana
Condominium Act should be amended.
New York State law requires that at least 15% of a
condominium's units be sold before its offering plan can be declared as an effective
condominium in a filing to the New York State Attorney General's office.
After this decision, the Commissioner's office also published a question and answer sheet for
condominium owners and corporations about how the privacy legislation applies to
condominiums (www.psp.gov.
A little farther south, in Sunny Isles, Richard Lamondin's Cornerstone Premier Communities is developing La Perla, a 42-story glass structure with 326
condominiums starting at $400,000.
The $4.5-million, four-storey, 32-unit
condominium building is slated for completion by Dec.
Under a contract of lease, the owner binds himself to allow you to enjoy or use his
condominium unit for a price certain and for a period which may or may not be definite.
In the current environment, conversion of buildings to the
condominium form of ownership continues in New York, but for completely different purposes.