Condo Scarcity Worse Than Ever In King County

There are numerous people who may suppose that condos are the same as apartments. The plans shall be certified on their face or in another recorded doc as to their accuracy and compliance with the provisions of this subsection by a licensed architect, licensed engineer or licensed land surveyor, and the mentioned architect, engineer or land surveyor shall certify on the plans or in the recorded document that each one units or parts thereof depicted thereon have been substantially completed.condo

G. If the property that constitutes the condominium is just not bought following termination, title to the frequent elements and, within the case of a condominium containing solely models that have horizontal boundaries described in the condominium devices, title to all the property within the condominium shall vest in the unit owners, upon termination, as tenants in frequent in proportion to the unit homeowners’ respective interests as supplied in subsection I of this section.condo

A. The declarant of a condominium containing items that are required by this chapter to be registered with the Widespread Curiosity Community Board shall post a bond in favor of the unit homeowners’ association with good and sufficient surety, in a sum equal to $1,000 per unit, besides that such sum shall not be lower than $10,000, nor more than $a hundred,000.

B. No bond shall be accepted for submitting except it’s with a surety company authorized to do enterprise in the Commonwealth, or by such different surety as is passable to the Board and such bond shall be conditioned upon the payment of all assessments levied in opposition to condominium items owned by the declarant.

(d) In the case of a leasehold condominium, if the expiration or termination of any lease causes a contraction of the condominium which reduces the number of units, then the undivided interest in the common components appertaining to any models thereby withdrawn from the condominium shall thenceforth appertain to the remaining units, being allocated amongst them in proportion to their undivided interests within the common parts.condo