Utah Real Estate: Real Estate Acts A pg. 4-1 Graded A+

Utah Real Estate: Real Estate Acts A pg. 4-1 Graded A+ Common Areas Land or improvements in a condominium development designated for the use and benefit of all residents, property owners, and tenants. Condominium Real property that consists of the air space of the unit and an undivided interest in the development's common area(s). Condominium Ownership Act Each unit owner owns their unit, together with an undivided interest in common area and facilities appurtenant to that unit. Limited by CC&Rs. Each unit & its % of undivided interest deemed its own exclusive parcel subject to assessment and taxation. Proportionate share of common expenses, if fees not paid= lien placed on unit, maybe be enforced by foreclosure. Can be residential, commercial, industrial, or manufacturing developments. When apartment building is changed into condo = condominium conversion. Covenants, Conditions, and Restrictions Restrictions and requirements created in the Uniform Declaration of Restrictions for condominiums and enforced by the development's Homeowner's Association. Liens An encumbrance for money against real property. Lien Waver When the owner of the property pays the general contractor for the work done, this form should be given by the mechanic who did the work. Lid Pendens Constructive notice that an action affecting a particular parcel of property has been filed in court. The property can be sold, leased, or otherwise disposed of, but all transactions are subject to the outcome of the court action. Market Record Title Act Claims to Rights/interest in land have been inactive for longer that statutory period (40 yrs in Utah) are cut off. Purpose is to simply and stabilize title searches and the transfer of real property by removing old encumbrances from the title. Doesn't extend time period for brining action as given under statute of limitations. Exemptions: water rights, mineral rights, right Title or interest of state political subdivision of state, right Title interest of US by reason of failure to file notice, easement that can be verified by physical evidence of use, easements for pipelines highways railroads or public utilities, bar a lessor taking possession after expiration of a lease. Mechanic's Lien A lien placed by a person who has integrated labor or materials into a property and has not been paid. Planned Unit Development (PUD) A non traditional type of housing development designed to produce high density of dwellings, maximum use of open spaces, and greater flexibility for residential land and development. Local government approval is required for this development. Release of Lien I'd a mechanic had previously placed a claim against the property where the work was done, when payment is made, this for must be filled within ten days. Stock Cooperative or Co-Ops A lease in a unit of property derived from the ownership of stock in a company. Also called a proprietary or owner's lease. Subdivision Land divided into lots which may or may not include improvements.