What is a Condominium? A condominium, or condo for short, is a form of housing tenure. It is the legal term used in the USA and in most provinces of Canada for a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned. Condominiums come in all shapes and sizes. Some look like single family homes, apartments, or townhouses while others may be located above commercial businesses. They come in all prices, in all areas of town. Many apartment building are being converted into condos for sale.
Condominiums Share Common Elements:
Examples of common elements include: driveways, sidewalks, hallways, landscapes, recreational facilities, foundations, exterior walls and roofs of the buildings, etc. The common elements belong to and are the responsibility of the condominium association.
Limited common elements such as carports and decks belong to the association but are for the use of a specific owner.
Owners have exclusive use of the interior air space in their purchased unit. Owners can decorate the interior as they wish but cannot alter the exterior of the building without first obtaining approval of the association.
Management
Association directors are elected by the owners of condominium units. Directors typically determine the level of the monthly fee (homeowner's fee) which is levied on each unit. The money collected is then used to pay for maintenance of the buildings and grounds, utilities, insurance on the buildings, and sometimes for the services of a professional management company.
Bylaws, rules and regulations. Unlike in the case of single family houses, when you buy a condominium unit you become obligated to live by the bylaws and the rules and regulations of the association (pet policies, parking limitations, age restrictions, and noise regulations should be considered). Read the bylaws and the rules and regulations, and even the declaration before buying into a condominium association. While rules and regulations are designed for the benefit of all owners, they may not be right for you.
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