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Posted by RJE/MI on 6/22/12 6:10am
This may be a site condo. The master deed of the development normally will state"Site Condo" in the description. The following is how a site condo works in Michigan: SITE CONDOMINIUMS IN MICHIGAN:
They have become a popular part of Michigan's Real Estate Development, because they allow developers to cut expensive government red tape and subdivision costs of the 1967 Michigan Subdivision Control Act.
You own your real estate lot and building, but usually things like parks or roadways are in common ownership by the condominium pooled ownership feature and they may or may not have monthly costs associated with them (they usually do not), that are the shared ownership items and the cost of their upkeep and finally what control over the common elements or private sections is empowered, but mainly it is a way to control the style and quality of housing within the varios "Site Condo" Communities.
Until the "plat act" is revised you can expect site condominium popularity to grow. In fact many new developments are " site condos " to the point that the local home buying market has become familiar with the term and accepting of the price benefits. Site Condominiums are Owned by Fee Simple Ownership and should not be confused with Other Condominium developments that have common Home Owner Associations and Common Elements. It is most appropriate to compare them with Subdivided, parceled and condominium lots.
This may be a site condo. The master deed of the development normally will state"Site Condo" in the description. The following is how a site condo works in Michigan: SITE CONDOMINIUMS IN MICHIGAN:
They have become a popular part of Michigan's Real Estate Development, because they allow developers to cut expensive government red tape and subdivision costs of the 1967 Michigan Subdivision Control Act.
You own your real estate lot and building, but usually things like parks or roadways are in common ownership by the condominium pooled ownership feature and they may or may not have monthly costs associated with them (they usually do not), that are the shared ownership items and the cost of their upkeep and finally what control over the common elements or private sections is empowered, but mainly it is a way to control the style and quality of housing within the varios "Site Condo" Communities.
Until the "plat act" is revised you can expect site condominium popularity to grow. In fact many new developments are " site condos " to the point that the local home buying market has become familiar with the term and accepting of the price benefits. Site Condominiums are Owned by Fee Simple Ownership and should not be confused with Other Condominium developments that have common Home Owner Associations and Common Elements. It is most appropriate to compare them with Subdivided, parceled and condominium lots.
I took this directly from Appraisersforum.com because the explanation is worded better than I could explain it.
This may be a site condo. The master deed of the development normally will state"Site Condo" in the description. The following is how a site condo works in Michigan: SITE CONDOMINIUMS IN MICHIGAN:
They have become a popular part of Michigan's Real Estate Development, because they allow developers to cut expensive government red tape and subdivision costs of the 1967 Michigan Subdivision Control Act.
You own your real estate lot and building, but usually things like parks or roadways are in common ownership by the condominium pooled ownership feature and they may or may not have monthly costs associated with them (they usually do not), that are the shared ownership items and the cost of their upkeep and finally what control over the common elements or private sections is empowered, but mainly it is a way to control the style and quality of housing within the varios "Site Condo" Communities.
Until the "plat act" is revised you can expect site condominium popularity to grow. In fact many new developments are " site condos " to the point that the local home buying market has become familiar with the term and accepting of the price benefits. Site Condominiums are Owned by Fee Simple Ownership and should not be confused with Other Condominium developments that have common Home Owner Associations and Common Elements. It is most appropriate to compare them with Subdivided, parceled and condominium lots.
This may be a site condo. The master deed of the development normally will state"Site Condo" in the description. The following is how a site condo works in Michigan: SITE CONDOMINIUMS IN MICHIGAN:
They have become a popular part of Michigan's Real Estate Development, because they allow developers to cut expensive government red tape and subdivision costs of the 1967 Michigan Subdivision Control Act.
You own your real estate lot and building, but usually things like parks or roadways are in common ownership by the condominium pooled ownership feature and they may or may not have monthly costs associated with them (they usually do NOT), that are the shared ownership items and the cost of their upkeep and finally what control over the common elements or private sections is empowered, but mainly it is a way to control the style and quality of housing within the varios "Site Condo" Communities.
Until the "plat act" is revised you can expect site condominium popularity to grow. In fact many new developments are " site condos " to the point that the local home buying market has become familiar with the term and accepting of the price benefits. Site Condominiums are Owned by Fee Simple Ownership and should not be confused with Other Condominium developments that have common Home Owner Associations and Common Elements. It is most appropriate to compare them with Subdivided, parceled and condominium lots.
I took this directly from Appraisersforum.com because the explanation is worded better than I could explain it.
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