0
If the association owns the exclusive use areas, then the association is responsible for the maintenance and upkeep of those assets.
Read your governing documents to determine the areas' ownership.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What are the nonsmoking areas of condo buildings?
Your governing documents define areas where smokers can smoke in your building. There is no standard.
What does lock out rooms mean in condo rental terms?
Usually, this can mean a room or closet or whole area of the unit that renters are not allowed access to, so the owner can keep/ store/ maintain items and areas strictly for owner use.
Will your condo insurance policy cover sewer back up?
No. Sewer back-up coverage is usually available as an endorsement that can be added to a homeowners policy. A condo should be insured on a for HO-6 homeowners policy. You should really look closely at the endorsements available and see what you need and what you don't need. Also be familiar with your condo agreement so you will understand what your responsibilities are for insurance on the common areas and common properties as well.
Should a the square footage for a garage in a condo be included in the overall square footage?
Square footage in housing usually only includes finished living areas. A garage is not living space.
Have Florida legislators passed a law to force condo owners to pay their condo fees?
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
New Condo Owners?
You finally purchased the condo you have always dreamed of. Now it's time to insure your possession. When purchasing condo insurance it's important to know you are going to need two kinds of insurance. Your homeowners insurance covers your new home and a master policy covers the common areas in the condo. The master policy is provided by the condo association. As stated above it covers the common areas in the complex such as the roof, basement and sidewalks. Make sure you read the fine print in this policy, as you don't want to be surprised if something happens. Ask your agent if your insurance coverage will protect you when and if something happens in one of the common areas.
Measure square footage of condo include percentage of common areas?
To measure the square footage of a condo, you would need to include both the area of the unit itself and the percentage of common areas allocated to it. The common areas may include hallways, lobby, gym, pool, and other shared spaces. You can calculate the total by multiplying the square footage of the condo unit by the percentage of common areas specified in the condo's governing documents.
Are the exterior windows doors and screens considered common areas of a condo association?
Depends on your MAINTAINENCE agreement
Should you have pets in condominiums?
depending on the size of the condo, of course !
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment, and depending upon your coverage, may also cover the internal structural elements (walls, floors, ceilings, fixtures, countertops, etc.) of your specific condo unit. Since there is no damage to your condo unit, your personal condo insurance will probably not apply, even if you have flood insurance. So, the answer to your question depends upon what type of policy your condo association holds. You should therefore ask your condo association.
Are unbuilt lots considered common areas of a condo association?
No, only defined "common areas" owned by the condo association are considered common areas, and unbuilt lots usually belong to an individual (e.g., the developer or an investor). If the association owns them, they are most likely reserved for sale to a future tenant/builder, although the proceeds of the sale will go to the association.
What is the average cost of a condo?
Depends on the location, Zillow.com has a great tool for showing market trends in different areas.
