Comments on: I just bought a new high-end condo! Nothin’ but air!

By: An Bui, DocuSign Social Media

An Bui, DocuSign Social Media — Mon, 08 Jun 2009 17:52:52 +0000

Craig, thanks for the post – I had forgotten about how different condo buildings may have different easements, right-of-ways, etc. which is why it’s so important to read the fine print.

Thanks again,
A

By: Owning air « The Implied Observer

Owning air « The Implied Observer — Sat, 06 Jun 2009 18:17:41 +0000

[...] new condo developments, unit owners don’t actually own the land their condo building sits on. So what’s new? For various reasons (to allow for a hotel within the building, to allow the developer to retain an [...]

By: How Buying At a Condo Above a Hotel is Different | urbnlivn on Seattle condos

Fri, 05 Jun 2009 02:22:56 +0000

[...] difference between buying a regular condo and buying a condo above a hotel project like Olive 8, I just bought a new high-end condo! Nothin’ but air! …large condo towers these days (such as Washingto Square Towers in Bellevue, Olive 8, and [...]

By: ARDELL

ARDELL — Thu, 04 Jun 2009 23:08:07 +0000

P.S. When you want to get your Earnest Money back when you “shouldn’t”, always, always use an attorney to do that. There is no grey area about that. If you have a legal out or if the seller is in breach and so you should get it back morally, an agent can often get it back for you. But if you just want it back when you know you probably shouldn’t get it back…get an attorney, and he can probably get it back for you. Don’t ever ask an agent to do that.

By: ARDELL

ARDELL — Thu, 04 Jun 2009 23:05:38 +0000

Excellent, excellent post, Craig.

I would like to add a few things I have seen over the years that refer to this sentence in your post: “the unit and all its fixtures are yours to use as you please.”

That is often not the case, so buyers should be aware that they often need approval of the HOA to make changes inside of the unit.

- Some don’t allow hardwood floors, except on the lowest level, for noise factor reasons of the unit below.

- Fireplaces: if wood burning, often the HOA can dictate a mandatory schedule of having them cleaned at the owner’s expense, for fire safety reasons. Regardless of what kind of fireplace you have, if you want to change it from gas to electric or electric to gas or alter it in any way, often you have to send the specs to the HOA and sometimes use an installer they have designated.

- Hot water tanks: Unit owner owns the hot water tank and pays for replacement. More and more HOA’s are requiring mandatory replacement at 10 years (and I highly recommend they do) as failure of the unit damages other units, and drastically impacts the Master Policy Insurance cost.

- Windows and balconies are always a sticky issue. Windows and exterior doors are most often the owner’s expense, but they can only install windows and doors as approved by the HOA and they can only be installed by an HOA approved installer (in most cases).

- Many HOAs have rules about window treatments that are visible from outside of the building.

- Balconies are most often “private use common areas” and restrictions apply with regard to what you can and cannot put on the balcony.

There are many restrictions regarding interior space. Suffice it to say that just because you “own” it, that doesn’t mean “”the unit and all its fixtures are yours to use as you please.”

I have seen some very, very interesting cases regarding the land issue you speak about. Wonderful topic.