Year: 1983
Type: article
Abstract: I.1. Oklahoma's Unit Ownership Estate Act, OKLA.STAT.tit.60, § § 501-530 (1981), defines a condominium (or a "unit ownership estate") as a property interest consisting of "ownership of single units in a multi-unit building together with an undivided interest in the common elements."Id. § 503(g).A condominium is created when the owner or co-owners of the building file an instrument known as a "declaration" for recordation in the county clerk's office.Id. § 502.Bylaws, which must be filed with the declaration, govern the administration of the condominium.Id. § 519.The bylaws and/or declaration usually provide that the developer is to retain control of the condominium for a certain period of time, often until a specified number or percentage of units is sold.Jones, Representing the Condominium Developer, Consumer and Lender, 50 OKLA.B.J. 1597, 1599 (1979).Once the developer relinquishes control, decision-making power is then vested in the unit owners themselves.OKLA.STAT.tit.60, § 520(b) (1981).Administration of the condominium may take any form provided in the bylaws, but typically a board of directors is elected from the membership of the unit owners association.Id. § 520(a).2. See Tulsa Tribune, Nov. 10, 1981, at BI, col.1; see also Foresman, Getting involved key to condopurchase, Tulsa Tribune, Jul. 9, 1983, at B19, col. 1 ("At the end of 1982. . .there were 105 condominium complexes with 6,209 units.Since then, there has been a rash of construction and condos are approaching the 7,000-unit mark.").3. This phenomenal growth is attributable to many factors, including the flexibility of the condominium concept, which makes it suitable for everything from apartment house conversions to time-sharing arrangements; the scarcity of land within commuting distance of major centers of employment; double-digit inflation in the construction field; changing American life styles, characterized by smaller, more mobile families and an expanding population of "empty nesters"; waning interest in detached homes on separate plots; and growing demand for on-site amenities and recreation facilities.Rohan, The 'Model Condominium Code'"-A Blueprintfor Modernizing Condominium Legislation, 78 COLUM.L. REV.587, 587-88 (1978). Note, Florida Condominiums-Developer Abuses and Securities Law ImplicationsCreate a Needfor a State Regulatory Agency, 25 U. FLA.L. REv.350, 351 (1973) (quoting P. ROHAN & M. REKKIN, CONDOMINIUM LAW AND PRACTICE § 4.03 (1963) [hereinafter referred to as ROHAN & Rsm ]). 5. OKLA.STAT.tit.60, § § 501-530 (1981).6.The condominium statutes enacted by Puerto Rico, Hawaii, and Arkansas were the only acts available as models when the Real Property Law section of the Oklahoma Bar Association first considered a condominium act in early 1962.These early statutes are commonly referred to as "first generation" condominium acts.See
Source: bepress Legal Repository
Author: Stephen T. Miller
Institution: University of Tulsa
Language: English
Topic: Housing Market and Economics
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W944954255