13. Condominiums

Question 1

What does each owner in a condominium own?

Answer 1

1) Interior (Individual unit)
- Full ownership

2) Exterior (Common areas)
- Undivided interest

Question 2

What is each unit owner liable for?

Answer 2

Own mortgage/tax

Question 3

What is the Homeowners’ Association (HOA)?

Answer 3

1) Each condo owner is HOA member
2) Each condo owner votes to elect Board => Oversees common elements

3) Each condo owner pays regular fees to HOA => Oversee common elements of condo
- E.g. Exterior, common staircases, landscaping, front gate
- Otherwise additional one-time fee can be imposed on Member (special assessment)

4) Each condo owner/HOA passes bylaws/charters to restrict/require owners’ use of building