FREQUENTLY ASKED QUESTIONS
This is provided as a service to help you understand the basics of how a condominium association is organized. Individual associations have different rules. We stand ready to answer questions on your specific situation.
What is a Condminium or Homeowners' Association?
It is a legal entity and is registered as a non-profit corporation. Its members are the owners of the units in that condominium complex. A board of directors is elected by these members, and the board manages the property following the rules set out in the corporate documents. The board oversees the maintenance of the common areas, usually with the assistance of a hired property manager.
What are these Corporate Documents?
They are the legal documents that lay out the guidelines for the specific condominium community. They are part of the title to your unit. The Declaration creates the community and explains its organization. The bylaws and rules and regulations specify what is allowed in the community and the duties of the board of directors. Resale documents are the entire package of documents required to be given to a new owner.
What are the Duties of the Board of Directors of the Condominium Association
What is an Association Fee?
An association fee, also called an assessment or dues, is a monthly fee each unit owner pays to cover his share of maintenance and utilities for the common areas of the condominium complex, including the cost of long-term repairs such as a new roof. These expenses are detailed in the association’s budget. The amount of the fee is based on this budget and the number of units in the complex. In most condominium associations, the condominium fee is based on the percentage of unit ownership.
These assessments are legally required to be paid by each owner and may change if the budget changes.
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