Condominiums can be a wonderful homeownership option for many men and women. The low maintenance and shared community area are attractive to several kinds of buyers who also wish to have their own dwelling. But luxury condos also have extensive legal frameworks.
If you are contemplating buying a condominium our exclusive marketing & sales agent is always with you, you should first be aware of all of the structure surrounding condominium ownership to ascertain if it's the best match for your situation.
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When you buy a condo, you're buying a single unit within the condominium complex–essentially you have everything inside your walls.
You're also buying a share of the condo at large–the shared land. This shared property contains any common space, like pools, lawns, and roofs.
Condos generally asses your part of possession depending on the size of the unit which you purchase. The assessment of your unit dimensions together with the anticipated upkeep of shared property determines the association fee you will be asked to pay on a monthly, semi-annual, or yearly basis.
The collected fees are used to pay for the upkeep of shared condo property, and can include:
• Lawn Services
• Pool or club home maintenance
• Roof, sidewalk, exterior construction repair
• Road maintenance
Condos are regulated by laws which are listed in addition to the plat of unit and land branch at the local land office. The condo association is the legal entity that is responsible for establishing and implementing the bylaws.
While all unit members maintain possession of the condo and are members of the condo association, a board of supervisors typically holds the forces of the condo association.