In general, the declaration is the document that creates the co-ownership. (It gets its name because it “explains” that the condominium was created.) To make it legal and operational, it is registered in the land records of the county where your condominium is located. The first step is to distinguish between co-ops and condominiums. Co-operatives are generally governed by a lease of ownership, a certificate of incorporation and a set of by-laws. A condominium is traditionally governed by a governing deed and by-laws as well as a declaration of co-ownership or a declaration of agreements, conditions and restrictions (CC&R). The declaration is usually registered with the drafter of the deed in your city and county, while the bylaws governing the operation of the council usually remain in the building. “I think it`s fair to say that the majority of people who buy a unit in a condominium, co-op or planned community generally don`t have a full understanding of all their rights, duties or the limits of their rights set out in laws and documents,” Perlstein claims. “Most of the owners have not read the documents. So people come with the expectations they bring from their previous lives, and until someone explains it to them, they are sometimes surprised. You say, “Well, it`s mine. So I can do whatever I want. He adds an example. “The use clause in co-op leases and condominium articles is sometimes unclear and cannot, for example, define `immediate family` as legal residents.” “A lawyer experienced in cooperative law or co-ownership,” explains M.
Troup, is able to provide a detailed analysis of relevant documents and recommend changes. However, it is essential that the board effectively share its experience of document deficiencies with lawyers so that revisions can be tailored specifically to each building and recommended revisions are not just band-aids. Q: Please explain the difference between a declaration of co-ownership and the articles of association. I am a new member of our board of directors, and no one seems to understand what these documents really are. And sometimes documents simply survive their accuracy. “Supply plans become fundamentally obsolete when the project sells,” Troup says. “However, if there is a conflict between the plan and other government documents, a court will review all of them and not just the bylaws or the lease of the property. Many co-ops and condominiums remain subject to the original by-laws and, in the case of a co-op, the condominium lease. “Sometimes these documents can be more than 30 years old.” And who develops these documents that lay the groundwork for the establishment of new co-operatives and condominiums? “The tender plan sponsor usually prepares these documents, and most are included in the tender plan filed with the New York State Department of Justice – the Attorney General`s office – in Manhattan.” He adds that there are very rare circumstances where a procurement plan may not be necessary, but these are rare and far apart. “In most cases, boards have the power to make and change rules and regulations without the consent of the owners,” says McGeary. “Normally, the board only has to register them to be valid, but it`s good practice to send notices to unit owners. Guiding deeds and articles can only be amended by a vote of unit owners and shareholders, and some changes may require the approval of mortgage holders.
“Such training is the exception rather than the rule,” according to two council members interviewed for this article. Realistically, people learn on the job and new members rely on the institutional memory of those who have served longer, says Steven Ward, who was a trustee of his North Quincy, Massachusetts, complex for six years. That`s why, Rubin says, it`s important that the declaration of confidence establish multi-layered conditions for trustees. “If the three or five councillors come at the same time for a one-year term, you lose continuity,” she says. Testimonials: www.businessdictionary.com/definition/condominium-declaration.html www.wisegeek.com/what-is-a-declaration-of-condominium.htm “This is a `buyer`s warning` situation,” says attorney Diane Rubin of Prince Lobel Glovsky & Tye, LLP of Boston. “You have to be aware of the rules you sign.” In her work with landlords, she has found that people tend to forget that they are ceding decision-making power to the condominium board by signing these documents.