559.106 Definitions; C to G.

262 words·~1 min read·/mi/chapter-559/559-106

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Sec. 6.

(1)"Co-owner" means a person, firm, corporation, partnership, association, trust, or other legal entity or any combination of those entities, who owns a condominium unit within the condominium project. Co-owner includes land contract vendees and land contract vendors, who are considered jointly and severally liable under this act and the condominium documents, except as the recorded condominium documents provide otherwise.

(2)"Developer" means a person engaged in the business of developing a condominium project as provided in this act. Developer does not include any of the following:

(a)A real estate broker acting as agent for the developer in selling condominium units.

(b)A residential builder who acquires title to 1 or more condominium units for the purpose of residential construction on those condominium units and subsequent resale.

(c)Other persons exempted from this definition by rule or order of the administrator.

(3)"Escrow agent" means a bank, savings and loan association, or title insurance company, licensed or authorized to do business in this state or a representative designated to administer escrow funds in the name, and on behalf, of the escrow agent.

(4)"Expandable condominium" means a condominium project to which additional land may be added in accordance with this act.

(5)"General common elements" means the common elements other than the limited common elements.

History: 1978, Act 59, Eff. July 1, 1978 ;-- Am. 1982, Act 538, Imd. Eff. Jan. 17, 1983 ;-- Am. 1983, Act 113, Imd. Eff. July 12, 1983 ;-- Am. 2000, Act 379 , Imd. Eff. Jan. 2, 2001