Condominium Terms & Definitions

• Homeowner's associations provide a structure where you own the lot that your home sits on as well as the condominium unit itself.
  
  
• Condominium associations provide you the ownership of the interior of your home however the exterior walls and the land are owned in common with all the condominium homeowners.
  
  
• Assessments (for homeowner's associations) and Common Charges (for condominium associations) are determined by the size of the condominium development, the size of its support staff and the degree of amenities that the condominium provides to its community. These charges, unlike mortgage payments, are NOT tax deductible.
  
  
• Condominium owners also are required to pay mortgage, tax, utility and insurance fees.
  
  
• The governing body which runs a Condo Association is a board which is voted into office by the community.
  
  
• The governing body which runs a Homeowner's Association is termed The Board of Directors and is also voted into office by the community of residents.
  
  
• Some larger condominiums are under an HOA umbrella which provides uniform common area maintenance throughout the community. A monthly fee is normally assessed by either type of association.