Condos and Townhouses…Part 2...Did you know?...
(Almost) everything you always wanted to know… (but were afraid to ask)
INTRODUCTION
In Part 1 we discussed the differences between condos and townhouses. Condos and Townhouses - Part 1 Did you know-?...
In Part 2 we will talk a little about Condo Associations (COA) and Homeowner Assocations (HOA).
As you read, keep in mind that the information contained in these articles is intended to be a general overview and that there can be subtle differences from one state to another. Consult a REALTOR® who is experienced with condos and townhouses for information specific to your state.
CONDOMINIUM OWNERS’ ASSOCIATONS
Condominium Owners’ Associations (COA) is governed by its “Docs” (or “documents”) which usually consist (at a minimum) of the Declaration of Condominium, By-Laws and (sometimes) Rules and Regulations.
Among other things, the “docs” outline the procedure for electing the Board of Directors and their duties. The Board is elected by the unit owners and it is the responsibility of the Board to maintain the complex and its common areas.
Some things that may be handled by the Association include lawn and pool care, landscaping, exterior painting of the building, exterior lighting, pest control, and roof repair. (NOTE: This is a partial list and can vary from one condominium complex to another). Most, if not all, exterior maintenance is usually the responsibility of the Association.
The Board of Directors is also responsible for enforcing the Rules and Regulations, By-Laws and Declaration of Condominium.
HOMEOWNERS’ ASSOCIATIONS (HOA)
Some townhouse communities have a similar association, called a Homeowner Association (HOA) which works very much like a Condo Association. While a Homeowner Association is similar to a Condo Association, there can be significant differences.
Most townhouses have a Homeowner Association but not all do so it is important to ask if there is a Homeowner Association and what its exact responsibilities are.
If there is no Homeowner Association, be sure to ask who is responsible for what maintenance.
The Condo Association (and most Homeowner Associations) collects monthly fees to cover the costs of maintaining and insuring the property. The monthly fee can vary widely from one COA or HOA to another in the same area depending on what the monthly fee includes and the amenities offered in the complex.Your REALTOR® is your best source for further information when considering a condo or townhouse.
In Part 3 we will discuss the pros and cons of owning a condo or townhouse vs. a single family home.
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