Condominiums and Homeowner's Associations

Question 1

Condominiums

Answer 1

Each owner owns their unit in fee simple and is a tenant in common to the common elements (i.e, hallways, pool, etc.)
-Restraints on alienation for common elements

Question 2

HOA membership

Answer 2

Owner of each condo is a member of the HOA, which oversees the common elements and enforcement of HOA rules
-Members vote to elect a board that manages property
-Association is own legal entity (LLC or corporation)

Question 3

HOA rules

Answer 3

Contained in declaration of covenants, conditions, and restrictions (CC&R)
-Prescribes what owners can and cannot do with their property

Question 4

HOA fees

Answer 4

Each condo unit owner must pay regular dues to the HOA which are used to maintain the common elements

Question 5

Special assessments

Answer 5

One time fees for expenses that are not covered by HOA fees
-i.e., major roof repair