Frequently Asked Questions (FAQ)

Frequently Asked Questions About Condos

There are some important facts to understand prior to purchasing a condominium. We have compiled a list of many of the frequently asked questions and answers for your convenience. If you have a question that is not included on our list, please email us.

What exactly is a Condo?

"Condominium" is a term used for legal ownership of an individual unit in a condominium corporation. Ownership of a condo includes both the legal title to all the space inside the individual unit as well as an interest in the common areas of the condominium complex. Costs and maintenance of common areas and common elements are shared by all owners in the condominium association.

What is a Condominium Association/Board?

The Condominium Association/Board has several duties and responsibilities. They are responsible for the day-to-day operation of the complex, as well as long term planning. The association is supposed to oversee what is happening in the complex, and make sure that owners adhere to the rules and regulations.

For instance, the bylaws may prohibit items that may be stored or kept on a balcony or patio. The condo association would be in charge of addressing issues that arise.

A good Condo Association is fundamental to maintaining your condominium´s value. It is certainly preferable to have a professionally managed complex.

What are condo fees?

Sometimes called maintenance fees, condo fees are proportionate charges for your share of the upkeep and maintenance of common areas or common elements, and reserve fund contributions of the condominium complex.

Typically, these fees are based on the direct proportion of the unit size in relation to the overall size of all units. Fees vary dramatically, according to the property, age, location, and amenities offered to residents.

Typical items covered by condo fees:

• Maintenance of common areas & common elements (i.e. landscaping, exterior maintenance)
• Reserve fund contributions
• Snow removal
• Trash removal
• Insurance policies
• Property management fees

How are fees determined?

Fees are usually based on the annual operating costs for the entire complex and divided by each owner´s individual contribution to the common expenses per the condominium association rules and regulations, as well as contributions to a reserve fund.

What is a Declaration?

It´s an instrument, similar to a deed that sets forth the legal particulars and creates a condominium complex. It gives the legal description of the parcels and the legal description of each unit. It details the percentage of ownership in the common elements that is allocated to each unit. As well as, any other lawful provisions that the developer/owner deems desirable to promote and preserve cooperative ownership and to facilitate proper administration.

What is a reserve fund?

The reserve fund is an account established by the condo association to anticipate extraordinary costs and major repairs of the common areas and common elements of a condominium complex, such as road repairs and new landscaping, etc.

Do I need to purchase insurance?

Yes, you will need to purchase a home owner´s policy to cover the contents and provide protection for your individual unit. The condominium association carries a liability insurance policy to handle any claims relating to common areas of the complex, and coverage for the complex.

What are By-laws?

By-laws are basically regulations to be followed. The bylaws provide information pertaining to establishment and administration of the condominium board including particulars on the election of board members, the powers and duties of the board, the number of members that make up the board, when meetings and election for board replacements are to be held, and any restrictions or requirements regarding the use and maintenance of units and use of common elements. By laws cannot be changed unless two thirds of homeowners in a community agree to the change.

What are rules and regulations?

The rules and regulation document is a supplement to the condominium bylaws and other documents. It provides more detail about several rules that are frequently applicable to the co-owners.

What are Common Elements?

Property that is owned in common and to be used for the enjoyment by the Association members.A limited common element is property with usage restrictions. The master deed/declaration specifies which parts of your condominium development are designated as limited or general common elements.

If I need to repaint the exterior of my home, what are the correct paint codes?

The chart below displays the original color schemes and Sherman Williams paint colors. You may want to visit http://www.myperfectcolor.com/ and type in the paint code to view the color online.