Buying Condo

Most people want to own a condo because having it is seen as a non-traditional ownership. Individually owned units are spaces within predetermined limits. condos can include some rooms as well as interior walls that divide different rooms in certain units. It also includes a storage area and a balcony. This unit is a landless airspace, but is still considered real estate. Most of the condos are located on tall buildings.

condo 12Public area – The public area is another part of such property. This is the area where all the unit owners share. These include roofs, lobbies, halls, foundations, floors, elevators, ceilings and basements and so on. Others are installations such as water, gas, electricity and heating. There are other areas such as parking lots, swimming pools and so on, which are also part of a common area owned by the unit owner.

Property interest – Property interest in the property is conveyed through deed. The owner can sell his interest if he wills to do so. Just like other kinds of property, an individual can hold ownership, or by two or more than two individuals, by a wife ancondod a husband or business entity.

Taxes – Just as is the case with other kinds of properties, the condo unit owners have to part with property taxes as required by law. Every unit and the interest in common areas are usually deemed as a package and is taxed and assessed at an individual level. Common areas aren’t assessed and taxed separately. The owner is responsible for the taxes within their own parcel.

Associations – Typically, condominium associations or unit owner associations are formed when condos are created so as to ensure that all owners can maintain and manage the overall property as a team. Typically, property managers from outside are assigned to handle all developments and property management. There are several developments of homeowners associations and condominium associations where they have responsibility for various aspects related to the management of their development and maintenance. There are governing documents that are created so as to offer guidance on how associations are supposed to operate. They also include some rules that all the tenants, owners and guests need to adhere to. These are the legal documents that can specify anything, including the kind of pets allowed and the consequences of breaking any of the set rules. Some of the consequences can include a lawsuit, forced compliance and even fines.

Monthly Contributions – The Association receives contributions at different times each year and this is the responsibility of the unit owner. This fee covers maintenance and management costs. Typically, contributions include variable and fixed costs such as taxes, pool maintenance, landscaping, waste removal, building insurance and also something to add to a reserve fund. If the money in the reserve fund is not enough, then a special assessment can be submitted to the owner to handle repairs and special projects that require little cost.