Ownership Rights:
Exclusive Ownership of Individual Unit
As a condo owner, you hold exclusive ownership rights to your individual unit, allowing you to occupy, modify, or sell it. These rights extend to the interior space of your unit, subject to the governing documents of the condominium association.
Shared Ownership of Common Areas
Alongside individual ownership, you also enjoy shared ownership of common areas such as hallways, lobbies, elevators, swimming pools, and fitness centers. These shared areas are collectively maintained by the condominium association.
Financial Obligations
Payment of Regular Assessments
Condo owners are responsible for paying regular assessments or maintenance fees. These cover the costs of common area maintenance, repairs, insurance, and other shared expenses. These assessments are typically determined based on the unit’s size and shared ownership percentage.
Special Assessments & Reserve Funds
In addition to regular assessments, condo owners may be required to contribute to special assessments for unexpected repairs, renovations, or major capital improvements. It’s crucial to understand your obligation to pay these assessments as they arise.
Compliance with Governing Documents & Rules
Understanding Governing Documents
Condo owners must familiarize themselves with the condominium’s governing documents. Such documents typically include the declaration, bylaws, and rules and regulations. These documents outline the rights and obligations of owners, as well as the operational guidelines for the community.
Adherence to Rules & Regulations
To maintain harmony within the community, condo owners must abide by the rules and regulations established by the condominium association. These rules may cover pet policies, noise restrictions, rental limitations, and architectural guidelines, among others.
