| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 1396.1 | From the U.S. Orangebook | GENRAL::BANKS | David Banks -- N�ION | Tue Mar 12 1991 16:15 | 16 |
| First of all, let get one nit straight. Digital doesn't buy the property.
It's bought by a third party purchase company (Homequity) with whom Digital
(among others) has an agreement.
Looking at the U.S. Personnel Policies and Procedures manual (Section 5.05) it
states that one of the criteria that the home must meet is that "There must be
only one deed with the employees name reflected on that deed." It would seem
that if there's no deed for the land with the employee's name on it then the
home is not eligible. It also states that "The home must NOT be more than a
two family residence, or be a cooperative." It doesn't specifically mention
condominiums, though.
Sounds like that person's out of luck according to my interpretation of the
policy, though I can't say I necessarily agree with it.
- David
|
| 1396.2 | it's happened before | MRKTNG::SILVERBERG | Mark Silverberg DTN 264-2269 TTB1-5/B3 | Wed Mar 13 1991 08:20 | 5 |
| Some folks in Nashua, NH condos ran into the same problem. Looks
like they will have to push forard a private sale.
Mark
|
| 1396.3 | Condos have been purchased by Homequity | LACGID::BIAZZO | Can tune a VAX but can't tuna fish | Fri Mar 15 1991 12:43 | 4 |
| Condominiums absolutely qualify to be purchased by Homequity. Mine in CT
was purchased in 1989. It did however have a free and clear deed including
the equitable share of the land it was built upon.
|
| 1396.4 | REAL ESTATE definition(?) | JAWJA::GRESH | Subtle as a Brick | Fri Mar 15 1991 13:16 | 17 |
|
From my American College Dictionary, REAL ESTATE is defined as:
"Land and whatever by nature or artificial annexation is a part of
it or is the means of its enjoyment, as minerals, trees, buildings,
fences, etc."
Therefore, if it doesn't include the land it isn't REAL ESTATE.
For example, a mobile home on a leased lot is considered CHATTEL, not
REAL ESTATE. Now your condo is not movable, so it's probably not chattel.
But it's also not real estate since it doesn't include the land (as I
understand it).
It is probably this distinction that is causing the problem.
Don (I-am-not-a-lawyer!)
|
| 1396.5 | Some condo land is owned | TYGER::GIBSON | | Fri Mar 15 1991 14:33 | 7 |
| My condo deed includes land which is a footprint of the building plus
two feet around the building. It could be purchased buy Homequity.
However, we are responsible for the outside mainetenance of the
building.
Linda
|
| 1396.6 | Sometime last year, someone else started a topic ... | YUPPIE::COLE | Profitability is never having to say you're sorry! | Fri Mar 15 1991 15:14 | 9 |
| ... about this, either here or in SUBWAY::INVESTING. For the
life of me, I can't think of his name, or I'd have done a directory to
find it (sorry, full directories are only done midnight-5:00a!).
He was trying to get back into Field Sales, and all that held him
up was Reloc's refusal to accept his condo due to the land lease.
If I find it, I'll update the title string, unless someone else
remembers it first.
|
| 1396.7 | was the name .6 was looking for.... | SMOOT::ROTH | From little acorns mighty oaks grow. | Fri Mar 15 1991 15:42 | 1 |
| Jerry Beeler?
|
| 1396.8 | Thanks, Lee! See 1050.* in here for Jerry's story. | YUPPIE::COLE | Profitability is never having to say you're sorry! | Fri Mar 15 1991 20:24 | 0 |
| 1396.9 | Leased Lands, Lease expires ... | AHIKER::EARLY | Bob Early T&N EIC /US-EIS | Mon Mar 18 1991 08:58 | 40 |
| > -< Sometime last year, someone else started a topic ... >-
>
> ... about this, either here or in SUBWAY::INVESTING. For the
>life of me, I can't think of his name, or I'd have done a directory to
>find it (sorry, full directories are only done midnight-5:00a!).
>
> If I find it, I'll update the title string, unless someone else
>remembers it first.
As I understand it (based on personal experience), there are "at
least" two variations on Condo Land.
One type (the better) is that each condo owner has a covented right
and ownership to a non-specific portion of the total of the condo
land, which is deeded as "<condo ownde land>".
The latter type, which produces cheaper-to-buy condos, is that the
land upon which the condos (or homes or trailers or whatever or
timeshare vacation condos) is in fact "Leased from a 3rd party" for a
finite period of time. At the end of that time, the Land Owner may,
at their (however the Land Lease is worded) negotiate new terms for
the land, whether its with the existing Condo owners .. or ...
There is one such Condo I know of in Nashua, NH , and another
in Sterling, Mass ... but there many others.
The condo I lived in in Mass is of the first type, which is fully
deeded, and the land is apportioned by percentage, bu no one owner
can identify on square inch of land and say "thats Mine", as most
homeowners can (i say most, because the Campground Association" in
Sterling had a small house, and if ..if the Assocaition chose to find
some member in violation, they could force a house sale (like living
in a trailer park, except the house isn't at all portable .. not with
a larg field stone fireplace ..
-BobE
|
| 1396.10 | buy your condo? | CSC32::K_BOUCHARD | Ken Bouchard CXO3-2 | Tue Mar 19 1991 14:16 | 6 |
| I don't think that ownership of the land your home sits on matters. I
may be wrong but mobile homes are eligible for third party purchase.
The problem may be the individual third party vendor rules. I know that
DEC deals with at least two: Prudential and HE.
Ken
|