answersLogoWhite

0


Best Answer

Condominium ownership means paying bills for the community each month through assessments. Bills cover master insurance policy premiums, payments to reserves -- a savings account used to pay for major repairs to the buildings, such as a new roof, new windows, paint and so forth. In addition, assessments pay water and sewer bills, landscaping expenses and other professional services.

Boards budget for expenses annually and establish the monthly amounts that each owner pays in assessments.

User Avatar

Wiki User

10y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

7y ago

A 'Condominium Fee' is a regular maintenance fee charged by a condominium complex to cover the cost of repairs, landscaping, concierges, or amenities such as a gym or a pool. The condominium fee is usually assessed monthly and based on the size of the unit and what the development expects its expenses to be for the year. It does not include 'Special Assessments' that may be charged from time to time for unanticipated expenses.

Terms may vary in different jurisdictions.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is a condominium fee?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is the cost for a title transfer fee for a condominium?

There is no standard, and the fee depends on the state, city and county where the property is located.


Is condominium unit considered real property?

Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium.


Is reservation fee non refundable when purchasing condominium unit?

Your answer is available in your earnest money agreement. There is no standard.


Is a condominium like an apartment?

In some cases a condominium is like an apartment. However, a condominium is form of fee ownership ( each unit owner is the absolute owner of their unit) by which several owners share ownership of a building(s) by each owning their respective units. In a condominium scheme each unit owner also owns a proportionate interest in all other common areas of the project such as the grounds, pool, laundry facilities, community rooms, etc.An apartment is generally a rental unit in the US and Canada. In Europe, an apartment can be a rental unit or a unit in a building that is owned in fee much like a condominium.


Are property rights associated with condominiums considered Fee Simple rights?

Your condominium-savvy attorney practicing in your state can answer this question for your particular property.(Your question may be based on some action you wish to take, in which case, you could ask another question about how to go about taking the action.)The answer may vary from state to state.For example, in Washington State, the developer owned the property, and submitted it to the provisions of the Washington State Condominium Act, and created the condominium community. Subsequently, each owner purchased an allocated interest in the property.You can read more about the fee simple definitions of real estate ownership, below.AnswerThe requirements for creating an estate in fee simple are simple: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.


Can you own a condo fee simple?

Read the governing documents to understand the boundaries between what you totally own and what you own in common with all other owners. Often what you own totally is defined by 'from the paint in', from the studs in', from the wallboard in' and so forth.


What is the difference between condominium and apartment?

In the United States a condominium is a form of fee ownership of a unit in a multi unit complex. An apartment (sometimes called a flat) is typically a rental property consisting of a room or suite of rooms in a building containing a number of such dwellings.


What is the average HOA fee for a condo?

Condominium assessments are levied against unit owners in proportion to the allocated interest of each unit, and -- in some cases -- use of amenities. There is no standard, because there is no 'standard' or 'average' condominium association. Assessments pay for the operation of the community.


What do you own when you buy a condominium?

Read your governing documents to identify the border between what you own in your unit individually and what you own outside your unit in common with all owners.You may find that the border is 'the studs', 'the paint', 'the wallboard' and so forth.Every condominium is different from every other condominium in terms of who owns what.Another PerspectiveWhen you purchase your condominium the governing documents set forth the boundaries of your unit and the common areas. However, what you own in fee is your unit and a percentage interest in the common areas and the land that makes up the condominium parcel.


What is a highrise condominium?

A high rise condominium is a tall building with condominium units.


What is the difference between a condominium unit and a condominium phase?

A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.


When was the declaration of condominium of oceanquest condominium recorded?

You can find the answer you want in your local hall of records where the Oceanquest Condominium is located.