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A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.
The Act was patterned after the Securities Act of 1933 and required land developers to register subdivisions of (currently 100 or more) non-exempt lots or condominium units. Originally, the filings were to be with the United States Department of Housing and Urban Development.
When buying a condo, you’re purchasing only the interior space of your dwelling unit. The land and other facilities are owned in common with the other owners of the complex.
For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...
According to Redfin data from November 2024, the housing prices in Arizona went up 2.7% on an annual basis, reaching the median price of $448,900. The Arizona real estate market had 6,834 homes ...
The requirements for a vacation home mortgage vary, depending on the type of loan you have and the condo you buy. For example, you cannot use VA loans or FHA mortgages for vacation homes.