Condominiums and Homeowners' Associations Flashcards
What is the ownership interest for a condominium owner?
Each owner owns the interior of their individual unit plus an undivided interest in the exterior and common elements.
Common elements include the common walkways, hallways, or areas, or exclusive amenities (e.g., the community pool).
What is a homeowners’ association? Who are the members? What does it oversee?
The association itself is a legal entity, such as a corporation and LLC.
The owner of each condominium or subdivision property is a member.
The members vote to elect a board, which manages the property by enforcing covenants, conditions, and restrictions. The board may
The HOA oversees the common elements.
Each HOA member must pay _______ to the HOA, which are used by the association to maintain the common elements.
regular dues
What if monthly HOA dues are insufficient to pay necessary expenses (e.g., a major roof repair is needed)?
A one-time fee (special assessment) is assessed against the HOA members
What is a cooperative? How is it different from an HOA?
In a cooperative, title to 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.
