Sec. 47-204. Separate titles and taxation. Recording of certificate by cooperative. Conveyance of interest in cooperative.
Sec. 47-204. Separate titles and taxation. Recording of certificate by cooperative. Conveyance of interest in cooperative. (a) In a cooperative, a unit owner's interest
in a unit and its allocated interests is a real property interest for all purposes, except that
the real property constituting the cooperative shall be taxed and assessed as a whole and
a unit owner's interest shall not be separately taxed.
(b) In a condominium or planned community:
(1) If there is any unit owner other than a declarant, each unit that has been created,
together with its interest in the common elements, constitutes for all purposes a separate
parcel of real property.
(2) If there is any unit owner other than a declarant, each unit shall be separately
taxed and assessed, and no separate tax or assessment may be rendered against any
common elements for which a declarant has reserved no development rights.
(c) Any portion of the common elements for which the declarant has reserved any
development right shall be separately taxed and assessed against the declarant, and the
declarant alone is liable for payment of those taxes.
(d) If there is no unit owner other than a declarant, the real property comprising the
common interest community may be taxed and assessed in any manner provided by law.
(e) (1) If a cooperative was created before January 1, 1984, the association may,
pursuant to this section, record a certificate on the land records signed by the president
of the association and attested by its secretary, or signed by such other persons authorized
to act on behalf of the association by the instruments creating or governing the cooperative. The certificate shall contain or have attached as exhibits:
(A) A statement that the association is a corporation or other legal entity formed
for the purpose of cooperative ownership of real property;
(B) A statement that the certificate is recorded pursuant to this section;
(C) A statement that the facts contained in the certificate accurately restate facts
contained in the books and records of the association;
(D) A statement of the location where the books and records, including the form of
proprietary lease, of the association are maintained;
(E) A description of the real property owned by the association or a reference to
the volume and page of the land records at which a description may be obtained, together
with the date on which title to the real property owned by the association was acquired,
and a reference to the deed under which the association took title;
(F) If the association is incorporated: (i) A certified copy of the current certificate
of incorporation of the association; (ii) a certified copy of the last annual or biennial
report of the association filed with the Secretary of the State; and (iii) a certificate of
good standing for the corporation issued by the Secretary of the State within ninety days
of the date of the recorded certificate;
(G) A list of the unit numbers of all units in the cooperative, together with the
following information for each unit: (i) The current stock or membership certificate
number, if any, for the unit; (ii) the name of the current unit owners of the unit; (iii) the
date on which the proprietary lease for the unit was signed; and (iv) the identity of all
holders of security interests in the unit as they appear on the books and records of the
association, together with a description of the nature of each security interest and the
date on which each security interest was granted.
(2) The certificate may be amended to include any other provision permitted by
law, following a vote of unit owners necessary to amend instruments pursuant to section
47-218.
(3) A recorded certificate that complies with this section constitutes the declaration
for the cooperative for purposes of this chapter and is sufficient evidence for purposes
of sections 47-33b to 47-33l, inclusive, concerning marketable record title, that:
(A) The real property described or referred to in the certificate is a cooperative
within the meaning of this chapter; and
(B) The persons described as unit owners in the certificate are owners of their respective units in the cooperative, subject to the security interests, if any, identified in
the certificate and the interests of the association.
(4) If a transfer of any interest in a unit in a cooperative was made between January
1, 1984, and the date a certificate is recorded pursuant to this section, an identification
of the transferred interest in the recorded certificate validates that transfer for purposes
of this chapter but does not otherwise affect the validity of that transfer.
(5) The association may amend a recorded certificate any time to correct errors
contained in it or to reflect transfers of interests in the units which occurred prior to the
date of the certificate but which were not reflected on the books and records of the
association on that date.
(6) A conveyance of a unit owner's interest in a cooperative created before or after
January 1, 1984, is accomplished by delivery to the purchaser of an instrument, executed
in the same manner as a deed, conveying all the seller's interest in the unit. A notice of
a proprietary lease complying with section 47-19 and signed by a duly authorized officer
of the association may be recorded on the land records as evidence of the named unit
owner's interest in that unit.
(P.A. 83-474, S. 5, 96; P.A. 84-472, S. 2, 23.)
History: P.A. 84-472 added Subsec. (e) re the recording of a certificate by the association of a cooperative created
before January 1, 1984, the contents, effect and amendment of such a certificate, and the manner of conveyance of an
interest in a cooperative.
Subsec. (a):
Because cooperative property must be assessed as a whole, without regard to value of individual units, trial court
improperly assessed value of plaintiff's individual campground unit based on comparable sales of individual units in other
campgrounds. 94 CA 696.
Subsec. (b):
Subdiv. (2) cited. 44 CA 107.
Subsec. (e):
Cited. 228 C. 498.