Condos & HOAs Flashcards
what do condo owners own?
the interior of their individual unit AND an undivided interest in the exterior/common elements
do rules against restraints on alienation apply to condo ownership?
yes (condo ownership = fee ownership)
who are HOA members and what do they do?
they are the owners of the condos and they vote to elect a board that manages the property
what does the HOA oversee?
common elements and governing rules of development (via the board)
what is a declaration of covenants, conditions, and restrictions? (CC&R)
charters and by laws that place requirements or restrictions on each owner’s use of their property
who enforces the CC&R?
the board (with the oversight of the HOA)
what is each condo owner required to pay the HOA?
regular dues which are used by the association to maintain common elements
what happens if the monthly dues are INSUFFICIENT to pay necessary expenses? (ie – major roof repair is needed)
a one time fee is assessed against all residents (special assessment)
