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Condominiums are corporations that operate living quarters, the shared exteriors and amenities for which are owned by all members of the condominium association. (The interior of the living units are owned individually).
In order to operate the condominium property, individual unit owners pay monthly assessments to the association. The association uses these assessments to pay its bills, including insurance premiums, landscaping and property management services -- and more if the property has other amenities (pool, Golf course, etc.), and to make a monthly contribution to reserves, which the association uses to pay to replace real estate assets at the end of the asset's useful life.
The association is led by a board of directors. Part of their job is to develop an annual budget and collect assessments from every owner so that the expenses based on the budget can be paid.
Wiki User
∙ 14y ago
Wiki User
∙ 7y agoSimple answer: The condominium association assesses the unit owners.
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Who owns the huntington condominiums?
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
What are the steps to change bylaws in a condominium association in new jersey?
Read your governing documents to discover the process for your condominium. There is no standard, but generally, a vote of a majority of owners is required.
What are the duties and resposibilities of a condominium?
Actually, the condominium itself has no 'responsibilities', except to provide shelter as a structure. As a condominium owner, your responsibilities of ownership insofar as the interior of the unit -- which you own -- are documented in your governing documents. As well, your responsibilities to the association are also documented there. As a condominium board, too, your responsibilities are found in your governing documents, and in your state's condominium law. Primarily these will specify your charge to 'protect, maintain and preserve' the investment that all owners have in the common areas, which are owned by all owners in common based on a percentage of ownership.
How do you contact Condominium Associations directly?
A condominium association is the business entity involved in condominium ownership. The condominium association is usually a non-profit corporation, and is listed with the Secretary of State in the state where the condominium community is located.The Secretary of State's records are usually public records.As well, residents and owners of a condominium community should know who sits on the association's board of directors, and their contact details.You can also contact a condominium association through its property manager.
Can condo fees be garnished?
Condominium assessments are income to the association. If there is a judgement against the association, owners who pay assessments may be liable to pay the judgement under a special assessment. Condominium owners pay assessments to support the operation of the community. Owners may have their income garnished, even those monies earmarked to pay their assessments.
What is the difference between a condominium and a home owners association?
Generally, a condominium is a collection of multi-family units and an HOA consists of single-family units. However, this generalization is not always exact. Both are ownership styles of real estate, where owners own individual units and own common areas in common with all other owners.
A condominium has what kind of owner?
Anyone who owns a condominium, owns it with other owners. Each owner owns a unit, with boundaries defined in the CC&Rs between this property and the property owned by all owners. The boundary may be 'the paint/ wallpaper', 'the studs', 'sheet rock', or other.
Do you pay property tax on a condo?
A condominium is a home; it exists on real property; most condominium owners pay property tax.You can check with your local county or provincial assessor to find the answer you want.
Is wall sharing between owners of condo units consider to be common area?
Read your governing documents. In the index, look for 'Boundary Definition' or similar entry, which will answer your question.Every condominium unit is different; every state is different -- and condominium governing documents are based on individual state condominium laws.
What is the difference between a hotel and a condominium hotel?
Most commonly, a hotel is owned by a corporate owner who then rents rooms in the property. A condominium hotel could be run like a hotel, but with units -- rooms -- owned by individual owners.
What is condominium ownership?
This style of ownership is best described as community real estate assets owned in common by all owners, with owners also owning individual units within the association.
