What is a condo?
So what is a condo anyway??
Condo is simply a short name for condominium and is often used to describe an individual unit as well as the complex.
A condominium is individual ownership of a unit in a multiunit project that also includes undivided ownership of common areas such as grounds, parking lot, pool, etc. The project itself is generally similar to an apartment building except that each unit is individually owned. Condominium units may be occupied by full time residents, second homes used at various times throughout the year by family & friends of the owner, and/or available for rent.
Each condominium is run by an association which is made up of the unit owners. The association is a not for profit corporation with responsibility for maintaining the common elements of the condo including the building exterior. Unit owners are members of the corporation and they elect a volunteer board of Directors from their membership to run the day to day operations and maintenance of the building and grounds. Every unit in the complex has one vote in matters requiring a vote of the membership.
Each condo has By-Laws and Rules & Regulations governing use of the property & various restrictions such as on pets or rentals. Governing documents are recorded in the public records when a condominium is created and dictate how the association and the board of directors is made up, elected, the annual meeting and other corporate matters. Condominiums are a product of quality design and a sensitivity to the needs of residents.