Lots of questions in buying / living on airport
If you are considering buying a house or lot on a residential airport, or even if you already are associated with such a project, there are several issues that are somewhat different than the ones associated with a regular housing development.
One member of our association compiled a list of questions that he feels should be answered satisfactorily before making any residential airport purchase. They are equally pertinent for existing residents.
These questions include:
- Runway and taxiway use rights:
- How many others will have the same privileges?
- Are the rights spelled out in the by-laws?
- Are they irrevocable? Can they be changed by the association members or developer?
- What type arrangements assure you of runway access?
- What conditions are associated with runway use?
- Are these conditions and privileges included on your policy provide you? title insurance policy?
- Common Use Space:
- Do you have full use of all common space?
- In what manner is use of the common space guaranteed, ie, part of the deed, covenants, etc?
- For how long are the common areas guaranteed to remain in such use?
- In whose name is the common area property listed? The developer? Homeowners association?
- In what manner is the common area property held, ie, warranty deed, leasehold, etc?
- Property Maintenance
- Who is responsible to determine what maintenance of runway, taxiways and other common area properties is needed and arrange for the work?
- How is such maintenance funded?
- If maintenance fund requires regular fees or specia-1 assessments, who determines the amount?
- How are assessments or dues for maintenance enforceable?
- Do non-residents of the airport community have access to the common areas and how does that effect you?
- Are there standards in the state for public use airports and if so does this facility meet them?
- Public Liability
- How is compensation for injuries which occur on common areas handled?
- Is there liability insurance? What are its coverages and how do they affect you?
- How are the coverage limits determined and can they be changed?
- What coverages will your personal homeowners
- Homeowners Association
- Is there a homeowners association?
- Are all property owners and the developer required to join and pay appropriate fees?
- How is the association controlled?
- Does your state regulate homeowners associations?
- What are the rights, duties and responsibilities of the association?
- Development properties
- Were all parts of the development brought into the project at the same time and are restrictive covenants identical for all parcels?
- Can additional lots other than those already shown on a plat be added to the project?