Under New York condominium law, what is a "limited common element"?
Correct Answer
B) A common element reserved for the exclusive use of one or more specific units
A limited common element is a portion of the common elements that is reserved for the exclusive use of one or more specific units, such as a parking space, balcony, or storage area assigned to a particular unit. While still part of the common elements, its use is limited to designated unit owners.
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Tom's condominium association in Westchester County is facing financial difficulties and needs to obtain a loan secured by the common elements. Under New York law, what vote is typically required for this action?
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Karen owns a condominium unit and has not paid common charges for six months. The association wants to place a lien on her unit. Under New York law, what is the association's lien priority compared to Karen's existing first mortgage?