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A condominium is a collection of individual home units and common areas along with the land upon which they sit.
Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of your unit are specified by a Declaration which is a legal and binding document filed with the local governing authority. Usually these boundaries will include the wall surrounding a condo, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominiumís creation. The condo corporation holds this property in trust on behalf of the homeowners as a group.
Condominiums have conditions, covenants, and restrictions that govern how the individual unit owners are to share the space. In addition, unit owners are responsible for all maintenance, repairs and upkeep of the building, the property, and all common areas. Condo owners who fall behind on maintenance payments and such can be forced to sell and move.
HOME OWNERS ASSOCIATIONS are made up of unit owners, manages the condominium through a board of directors elected by the membership. The board assesses unit owners for the costs of maintaining the common areas and decides how much each owner should pay and has the legal power to collect.
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