Condos and HOAs

Question 1

Condominiums

Answer 1

You know, 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 the simple ownership, the ordinary rules against restraints on alien nation apply. Some examples of common elements include walkways, hallways, community pools. The owners are tenants in Common for these. 

Question 2

Homeowners’ associations - membership

Answer 2

The owner of each condominium is a member of the homeowners association. The members vote to elect aboard, which manages the property. The association is usually a legal entity, such as a corporation or an LLC. The HOA oversees enforcement of the government rules. 

Question 3

Homeowners’ associations - association rules

Answer 3

Most HOA’s past charters and bylaws that place requirements or restrictions on each owners are used to the property. These rules are contained in what’s called a declaration of covenants, conditions, and restrictions (CC&R) and prescribe what owners can and cannot do with their property. The board of the HOA enforces, the CC&Rs

Question 4

Homeowners’ associations - fees

Answer 4

Each condominium unit owner must pay regular dues to the HOA, which are used by the association to maintain the common elements. If the monthly fees are insufficient to pay necessary expenses, then the HOA may enforce a one time special assessment fee.

Question 5

Cooperatives

Answer 5

An 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.