Condominiums

Question 1

Condominiums

Answer 1

In a condominium, each owner owns the interior of their individual unit plus an undivided interest in the exterior and common elements.Because condominium unit ownership is treated as fee ownership, the ordinary rules against restraints on alienation apply.

Question 2

Homeowners’ Associations - Memerbship

Answer 2

The owner of each condominium is a member of the homeowners’
association (HOA). The members vote to elect a board, which manages the property.

Question 3

Homeowners’ Associations - Association Rules

Answer 3

Most HOAs pass charters and bylaws that place requirements or restrictions on each owner’s use of her property. These rules contained in what’s called a declaration of covenants, conditions, and restrictions (or CC&R) that prescribe what owners can and cannot do with their property. For example, CC&Rs might prohibit pets or the posting of “for sale” signs or require that balconies be kept free of trash.

Question 4

HOA - Fees

Answer 4

Each condominium unit owner must pay regular (for example, monthly) dues to the HOA which are used by the association to maintain the common elements.

Question 5

Cooperatives

Answer 5

In a cooperative, title to the land and buildings is held by a corporation that leases individual apartments to its shareholders. Because of
their economic interdependence and because the individual owners are regarded as tenants, a direct restraint on the alienation of an individual interest is valid.