What is a Condo?
“Condominium” is a term used for legal ownership of an individual unit in a condominium corporation. Ownership of a condo includes both the legal title to all the space inside the individual unit as well as an interest in the common areas of the condominium complex. Costs and maintenance of common areas and common elements are shared by all owners in the condominium association.
Condominiums come in the form of high-rises, lofts, townhouses, mid-rises, villas, flats, and converted rental multi-unit properties.
What are the duties of the Condominium Association/Board?
The Condominium Association/Board has several duties and responsibilities. They are responsible for the day-to-day operation of the complex, as well as long term planning. The association is supposed to oversee what is happening in the complex, and make sure that owners adhere to the rules and regulations.
For instance, the bylaws may prohibit items that may be stored or kept on a balcony or patio. The condo association would be in charge of addressing issues that arise. A good Condo Association is fundamental to maintaining your condominium’s value. It is certainly preferable to have a professionally managed complex.
If you have additional questions, e-mail Cheryl@ClaytonCondos.com or visit http://claytoncondos.com/
