Friday, August 27, 2010
land lease?
my eyes are blurry from reading and attempting to deciper legalese; so, I will just ask and hope for a simple answer. Is CV a land lease complex? my assn prez says yes. A board member in neighboring assn says no. The ans is for a friend considering purchase down the road as he retires. Thank you one and all as usual.
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This will confuse you more: CV is a recreation lease community. You may own your condo, but you pay "rent" to WPRF, Inc. for the use clubhouse, pools, etc. on a long term "lease."
ReplyDeleteThe common elements of each association includes the land beneath the buildings and surrounding areas as clearly outlined in the Surveyors
ReplyDeleteCertificate created by "Weiner and Company" as each condominium was originally planned. The architectual drawings are to be found between the original Declaration of Condominium and Bylaws.
What you refer to is a leasehold property scheme and is not applicable to Century Village. The swalles, roads and bridges, etc. were deeded to UCO.
WPRF has holdings of physical properties and land throughout parts of the Village including the clubhouses and all pools with the exception of three of them that have ownership in common by certain associations.
Thank you Randall. Clear as a bell as always. MLL
ReplyDeletePLcruise- I knew about the rec lease-and I did read the doc re swales roads etc ---so thanks to Pl and Randall--nwo to inform my misinformed friends and neighbors! come on down and buy!
ReplyDeleteYou know, the major real estate people working in CV NEVER seem to explain to potential buyers just how CV is structured or the rec lease system. Maybe they don't know. It seems too many Associations (and their Boards) don't know either, which adds to the general confusion.
ReplyDeleteThe simple answer to the question is: NO, Century Village does not have a land lease. If it did, the bldgs. would not own the property on which they were built.
ReplyDelete