Condos and HOAs Flashcards
1
Q
Ownership interest in Conodminiums
A
Each person owns particular share in fee simple, but also holds, as a tenant in common, the common elements with other dwellers. (walkways, hallways, community room, pool)
Will be part of HOA
2
Q
HOA in condos
A
each condo owner is a member
HOA Oversees common elements
Elects a board that handles questions, enforces covenants, conditions, restrictions
Each condo owner pays annual dues. If deficient, special assessment.
3
Q
Special assessment
A
If annual HOA dues not enough, spceial asseessment. One time fee collected from condo owners.
