Condominiums are much different than single family properties. It is useful for buyers to understand those differences before purchasing a condo unit. This blog provides MA condo definition for buyers.
Condominium is a type of land ownership. Condominiums contain 2 or more units, with the interiors belonging to specific owners. Unit owners have joint ownership in shared spaces. Certain areas, such as patios, may be considered common space but granted to a specific owner for exclusive right to use. A master deed details the ownership structure and other relevant information on the entire complex. A unit deed offers information on a specific unit. Buyers should see both before buying a unit.
The style of a property does not identify it as a condominium. Condos come in vary in style. Some are converted multi-family buildings and others are extensive complexes encompassing multiple buildings. The following are a few common condo styles.
- Garden Consists of only one-level of finished space.
- Townhouse Contains two or more levels of living space.
- Detached Unattached units.
- Duplex Two units attached to one another, sometimes referred to as a condex.
- Low Rise A building with a few floors and consisting of mostly single-floor units.
- High Rise A building with many floors and typically serviced by an elevator.
Important Information on Condos
Management of Condos
A document called the By-Laws outlines the condo management procedures. It is normally filed into public record with the master deed. It specifies the structure and tasks of the Trustees. Their roles often include collecting condo fees, enforcing rules and regulations, and managing the budget. Trustees might involve a professional management company to assist with these tasks. Yearly meetings are held to offer unit owners input and to review finances and other matters.
Most condos have a monthly fee to cover shared expenses. A certain portion is deposited into a reserve and saved for extensive maintenance issues. Fees may go up or down based on the condominium budget and planned expenses. If the funds do not cover expenses, unit owners might incur a special assessment.
Accept the Rules
All condominium complexes have established rules and regulations. They can explain guidelines for common areas and sometimes also within the units. They are intended to maintain order and preserve shared amenities for the benefit of all the owners. There is no universal set of rules – they vary for every complex.
MA Condo Definition For Buyers
Local real estate professionals can help buyers compare different condominium complexes. Buyers must also consider having a real estate attorney review and explain condo paperwork. By understanding the details on condos, buyers can make more educated investments. This article on MA condo definition for buyers was prepared by Peter DaMore at Law Offices of Peter T. DaMore Jr. and is intended only as an overview. Contact Peter at 781-229-7900 or firstname.lastname@example.org for facts on a specific complex.