Condominiums can be a wonderful selection of homeownership for many. Reduced maintenance and shared community spaces that appeal to different types of buyers who also want to have their own housing. But the condo also comes with a comprehensive legal framework.
If you are considering buying a condo, you should make yourself aware of all the surrounding structures condominium ownership to determine whether it is suitable for your situation. Upper west side luxury apartments for rent are easy to find and providing you all the facilities and services.
When you buy a condo, you buy individual units in condominium complexes basically you have everything in your wall. You also buy shares in general condominium common property. This shared property includes any public space, such as lawns, swimming pool, and roof. In order to maintain this shared space, condominium ownership collects fees or dues.
Condominiums are generally assessing your ownership portion based on the size of the unit you buy. Assessment of the size of your unit along with the expected maintenance of all properties together determines the association fees that you will be asked to pay a monthly, semi-annual, or annual basis.
The collected fees are used to pay for property maintenance condominium together, and can include:
• Lawn Service
• Pool or clubhouse maintenance
• The roof, sidewalks, outdoor building repairs
• Maintenance of the road
• Trash removal services
Condominium governed by laws that are recorded together with the ground plate and the distribution unit at the local land office. The condominium association is a legal entity that is responsible for establishing and enforcing regulations.
While all members have ownership of condominium units and are technically members of the association condominiums, the board usually holds power condo associations.