In New York, what document creates a condominium and legally establishes the condominium form of ownership?
Correct Answer
D) The declaration of condominium
The declaration of condominium is the legal document that creates the condominium under New York law. It must be recorded and contains the legal description of the property, unit boundaries, common elements, and establishes the condominium form of ownership.
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Michael owns a condominium unit in Rochester and wants to rent it out. The condominium board has established rental restrictions. Under New York condominium law, what authority does the board have regarding rental restrictions?
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Jennifer defaults on her condominium unit mortgage in Buffalo. The lender initiates foreclosure proceedings. How does New York law treat the foreclosure of a condominium unit compared to other real property?