Condo Basics

Definition:

A condominium is a form of real estate purchase.

The properties are self governing and are run by the condo unit owners. These people are members of the condo corporation and they elect the condo's board of directors.

 

Some Key terms to understand:

  • Condominium Corporation
  • Common Elements
  • Assets
  • Monthly Common Expense Fees
  • Reserve Fund
  • Special Assessments
  • Condominium Declaration
  • Condominium By-Laws and Rules
  • Disclosure Statement
  • Status Certificate

You can learn more about Condominium Buying Basics by clicking on this link