What is a condominium and what are the requirements of purchasing one?

A condominium, or condominium unit, is a type of residential real estate where an individual owns the interior space of a unit, but not the land it sits on. In California, condominiums are governed by the Davis-Stirling Common Interest Development Act, which outlines the requirements for purchasing, owning and living in a condominium unit. When purchasing a condominium in California, one must meet the condition that 75% of all owners are inhabitating their units. Furthermore, one must provide proof of funds as a deposit and deadlines for closing and must have a clear understanding of the rules and regulations surrounding the development and ownership of a condominium unit. The Davis-Stirling Common Interest Development Act also outlines the specifics for purchasing a condominium unit, such as whether or not the unit is available for sale, and what the right of first refusal clause states. Additionally, this Act outlines the conditions for obtaining financing and requires potential buyers to obtain a property inspection to ensure that the unit and the common area amenities are in good condition before purchasing. Finally, potential buyers should also be aware of the condominium home owners association (HOA) and what fees are required. These fees are typically used to cover the costs of common area maintenance and repairs, as well as insurance and taxes associated with the condominium. In conclusion, purchasing a condominium in California requires a potential buyer to satisfy the conditions laid out by the Davis Stirling Common Interest Development Act, as well as provide a deposit, meet deadlines for closing, fully understand the rules and regulations attached to the ownership of a condominium unit, and be aware of any HOA fees.

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What is a condominium and what are the requirements of purchasing one?

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