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Condominium –
“A condominium is a home in a shared building or development. The buyer gets
title the space inside the unit, shares the common areas with other unit owners
and pays a maintenance fee to the condominium association to pay for needed
maintenance, repairs and improvements to the property.”
“Condominium is a word from Latin meaning the exercise of domain with others. A
person who buys a condominium owns his own unit or apartment, but he and others
in the complex share ownership of common areas and responsibility for
maintenance.”
“A form of property ownership in which each owner holds title to his/her
individual unit, plus a fractional interest in the common areas of the
multi-unit project.”
What is the
difference between a condominium and a townhouse?
 The
difference is in the ownership process rather than a housing style. Both are
owned individually and have an association in which all owners share the costs
and luxuries of maintenance, security, and recreational extras, that would cost
much more on an individual basis. An owner of a townhouse holds title to a
parcel of land and the building on the land, exclusive use of their limited
common areas, and use of the association common areas. A condominium owner
receives title to a particular unit defined in the association documents, and an
equal proportionate interest and use of the common areas.
What are
association fees?
An association fee
is a monthly fee paid to the condominium association to cover the common area
expenses. Association fees are different at every condominium building, and
vary depending on the age and condition of the buildings, the number of units
that share the costs, and adequate reserve accounts for long term maintenance.
With each association being different, here is a list of what might be included:
Heat Garbage removal
Air
Conditioning Basic cable TV
Building
insurance Landscaping
Electricity or
gas Outside building maintenance
Sewer and
water Replacement reserve accounts
Snow
removal Pool maintenance
Lawn
care Elevator service
Professional
Management Legal costs
Accounting
services Staff salaries
Cleaning
services Caretaker’s unit
Leaky faucets,
light fixtures in the unit, etc. are usually the responsibility of the unit
owner.
Association
amenities may include:
Pool Game room
Tennis
court Racquetball court
Party room
Hobby room
Exercise
room Volleyball court
Whirlpool Playground
Sauna Golf putting green
Guest
room BBQ area
Storage
areas Security system
What are
association special assessments?
A homeowners
association has the right to levy a special assessment. If there is not enough
money in the reserve accounts for a maintenance expense, the association can
raise the association fee for a period of time.
Insurance:
Condominiums
include the building insurance in the association fee. Coverage for your
personal property is not included.
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