What is an LCE?

An LCE is a limited common element.  It is not fee simple real estate but is a right to use a common element.  It is appurtenant to a unit element which is fee simple real estate. The appurtenance is most often accomplished by amending the declaration.  The amendment is recorded and therefore traceable through the recorder of deeds for the jurisdiction in which it is located. Most common LCE’s are parking spaces and storage spaces. Other LCE’s include patios and decks. These usually cannot be transferred from one unit to another. The LCE Registry focuses on LCE’s that can be transferred from one unit to another such as parking spaces and storage spaces. Some condominium parking and storage spaces are unit elements. The LCE Registry does not administrate these.  We are only involved when they are designated as Limited Common Elements in the condominium declaration.

The LCE Registry Mission:

Once the condominium association recognizes The LCE Registry as its sole transfer and documentation agent the following services will be provided:

We will document the LCE appurtenance trail.  This is accomplished by reviewing all of the amendments to the declaration. This list will be maintained byThe LCE Registry for the life of the condominium.  If necessary a search of the land records will be conducted in order to insure its accuracy. The LCE Registry will assist the transfer of an LCE from one unit to another when necessary.  It will also provide on request, a Certificate of Appurtenance in the event of a unit sale. The LCE Registry will also provide on request a rider to the title insurance.  This rider will insure that the LCE is appurtenant to the unit.

Engagement

The condominium enters into an agreement with The LCE Registry to recognize it as its exclusive transfer agent and pays the setup fee. The LLC Registry will then obtain from the land records and review all amendments to the declaration.  It will then compile a comprehensive List of Appurtenance to units.

Access

Since the List of Appurtenance is public record, access to the list will not be restricted.  A web site will allow anyone access to review the detailed list of appurtenance.

Certificate

For a small fee, a Certificate of Appurtenance will be provided.  This can be obtained as a shopping item off of the web site. The Certificate will then be emailed to the party requesting it.  The Certificate of Appurtenance is useful to those listing an apartment for sale, providing a resale disclosure document or selling an LCE to another unit.

Title Insurance Rider

For a fee, The LCE Registry will provide an LCE Title Insurance Rider.  This product insures that the LCE is appurtenant to the unit.  The LCE Title Insurance Rider is useful in that it fills a gap in common real estate transaction where the purchaser of a unit does not always obtain assurance that the LCE is truly appurtenant to the unit.  Title insurance providers, lenders, purchasers and sellers of units will all find this product valuable.

Transfer Services

In the rare event that a unit conveys an LCE to another unit, The LCE Registry in its capacity of exclusive transfer agent will provide the necessary services to close the conveyance.  Forms for the application to convey, settlement sheet, amendment to the declaration and finally recordation will all be provided. The LCE Registry charges a flat fee for this service paid by the parties conveying the LCE.