Legislations about common interest communities in the U.S. govern the creation, finance, management, and termination of common interest communities, whether a certain community is a condominium, planned community, or real estate cooperative. Of these ...
Legislations about common interest communities in the U.S. govern the creation, finance, management, and termination of common interest communities, whether a certain community is a condominium, planned community, or real estate cooperative. Of these communities, condominium is very similar to Korean Residential Aggregate Building.
A condominium is created by recording a "declaration" in the appropriate land records. The declaration serves as notice of the creation. It describes the property in specific terms, and states a formula for allocation of individual interests in the common property of the condominium. It performs the function of consumer protection, too.
The property registration and bylaws in Korean Aggregate Buildings Act play such a role as the declaration does. However, the property registration does not disclose boundaries of the unit or limited common elements and bylaws which mainly cover the maintenances of aggregate buildings, in principle, does not create the contents of condominium ownership. So it does not fully coordinate conflicting interests nor protect consumers.
By reference to the declaration, we may establish provisions necessary or draw up measures to coordinate or protect interests concerned.