Condominium Terms & Definitions
We want you, the buyer, to understand the benefits of
Condominium living and so we have included a short listing of Terms and
Definitions. We will be happy to give you more detail and explanation of
how each individual community works when we meet with you.
- 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.
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