Defined. In a stock cooperative, a corporation owns the entire project, including the units, and shareholders are given an exclusive right to lease a unit. In a "Community Apartment Project" the members own the entire project in common, including the units, and are given an exclusive right to lease an apartment. (Civ. Code § 4105.) These are also known as "Own-Your-Owns" or "Tenancies In Common" (TIC). It is sometimes called a "deed plan." (California Coastal Com. v. Quanta Investment Corp. (1980) 113 Cal. App. 3d 579, 588.)
To qualify as a common interest development under the Davis-Stirling Act, the right to occupy an apartment must be to the exclusion of others must be specified in the deed. A development in which an undivided interest in property is coupled with an exclusive right of occupancy in any apartment does not qualify as a community apartment project if an owner's exclusive occupancy right is specified by a separate agreement that is not contained or referenced in the grant deed. (Adler v. Elphick (1986) 184 Cal.App.3d 642, 647-648.)
Related Information. See related information about community associations:
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