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CONDOMINIUMS |
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Owning a condominium is a unique form of property ownership.
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 While
you own your own unit, you are also part owner of all common areas of
the property. In most cases, that common property includes the
pool and docks among other amenities. Because condominium
ownership is unique, it is important to be well-informed before making
your purchase.The key to understanding the specialized aspects of condo ownership is understanding terms that define your rights and responsibilities. Here are some terms you'll want to be familiar with. |
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Assessment: A quarterly fee paid by the owner of each condominium. This covers the cost of operating and maintaining the common areas and facilities mentioned above. Those costs include snow removal, lawn care, pool maintenance, insurance, water, trash removal, sewer services, parking facilities, etc. |
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Association: All condo owners are automatically members of an Owners' Association. This  organization
determines the bylaws, restrictions, and responsibilities for property
owners. |
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Board of Directors: This is the ruling body of the Owners' Association, elected by the membership. |
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Bylaws: These are a system of rules and regulations which govern the administration of the association and spell out procedures for maintenance, fee collection, and other matters. |
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Common Areas: These areas of the development are owned jointly by all property owners. They include the pool, the land on which the buildings stand, docks, lawns and park facilities. Stairways, entrances and the like are owned by a small number of owners and are called limited common areas or elements. |
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Master Deed or Declaration: This document carefully defines all bylaws, ownership rights and use restrictions in the development. It also details each individual's share of common areas and responsibilities associated with the maintenance of those common areas. |
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Condominium bylaws and agreements can be complex. Be sure you read these documents carefully and that you undestand everything in them. Once you fully understand your rights and responsibilities as a condominium owner, you will be ready to enjoy living in your new home. |
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