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Is a condominium association a legal entity?
All condominiums have homeowner’s associations that enforce the CC&Rs. The associations are a legal entity that have enforcement powers to collect the fees, enforce the rules and regulations, put liens on homes or even initiate foreclosures should the owners fall behind on the association fees.
What is the difference between a condominium and an association?
The key difference between a condo association and a homeowners’ association is what the individual members actually own. With a condo, each member owns their individual unit and they have a joint ownership interest in the common areas. With an HOA, each member owns their individual property and their lot.
What does condo association mean?
Condominium associations manage the repairs and maintenance of all common areas. This includes areas such as lobbies, parking lots, swimming pools, elevators, roofs, and sidewalks. In most cases, HOAs require homeowners to maintain the exterior of their own units including the roof, siding, and landscaping.
What is a business condo?
A commercial condominium (or condo) is an individually owned unit that is part of a larger multi-unit building with various owners. A condo owner also receives an undivided interest in the common areas of the project, including the hallways, parking areas, landscaped grounds, etc.
What does residential condo mean?
A condo, short for condominium, is an individually owned residential unit in a building or complex comprised of other residential units. Condo owners share a common space and often pay association fees to maintain the common space, amenities, and other shared resources.
What is a office condo?
The condominium concept emerged in the 1970s as a unique alternative to traditional apartment leasing and single family home ownership. Now the same idea is spreading within the market for traditional office space, where a condo office is defined as an office building with two or more individually owned units.
What is annual association fee?
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.