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 Condos by Susan . net CONDOMINIUMS
What you need to know
Owning a condominium is a
unique form of property ownership.
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.
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.
Association: All condo owners are
automatically members of an Owners' Association. This
organization determines the bylaws, restrictions, and
responsibilities for property owners.
Board of Directors: This is the
ruling body of the Owners' Association, elected by the membership.
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.
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.
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.
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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