Tiffiny Place Condominium

What Tiffiny Place Condominium's governing documents say

Tiffiny Place Condominiums is an eight-unit condominium community in Phoenix, AZ. You own your individual unit's interior; the association owns and maintains the building's structure, roof, common utilities, parking, and grounds, funded by per-unit assessments split equally among all owners.

• What you own & maintain: You own the interior of your unit (walls, flooring, ceiling, finishes). The association maintains the building structure, roof, foundations, electrical/plumbing/HVAC systems serving multiple units, laundry building, parking areas, and landscaping.
• Parking: Each unit includes one covered parking space assigned by the plat. The parking space belongs with your unit and cannot be sold separately, though you may exchange spaces with the association's consent.
• Assessments & fees: Each owner pays an equal 1/8 share of common expenses (structure, utilities, insurance, landscaping, maintenance). At purchase, you typically deposit three months' assessments as capital contribution. Regular assessments are levied at least annually, payable annually, quarterly, or monthly. Unpaid assessments accrue interest at 18% per annum or 5% above the Federal Reserve rate, whichever is greater.
• Governance & voting: A board of directors elected by owners governs the community. During the development phase, the Declarant holds enhanced Class B voting rights (3 votes per unit) that automatically convert to standard Class A rights (1 vote per unit, weighted by ownership percentage) after 75% of units are sold or four years after sales stop. Regular owners cannot vote in director elections until Class B rights terminate.
• Insurance: The association carries property insurance at 100% replacement value, public liability ($1 million minimum per occurrence), and employers' liability ($1 million). All owners and mortgagees are named as additional insureds. Insurance premiums are paid as a common expense.
• Damage & restoration: If 50% or fewer units are damaged, the association restores the property without a vote. For more substantial damage (50–75% of units), restoration requires approval from 4/5 of owners and 3/4 of mortgagees. For total destruction or damage to 75%+ of units, 3/4 of both owners and mortgagees must approve restoration, or the property exits the condominium.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.