Common Questions And Answers About Condominium Ownership
WHAT DO I OWN WHEN I OWN A CONDOMINIUM?
In condominium ownership, you have absolute ownership and title to your unit. In addition, you own a percentage interest in all of the common areas and facilities of the project.
WHAT DO I RECEIVE TO PROVE OWNERSHIP?
You receive a warranty deed to your unit and a percentage ownership share of the facilities and common areas. Upon recording of your deed, you receive a title insurance policy insuring your title to the property.
WHAT DO THE TERMS “COMMON AREAS” AND “FACILITIES” INCLUDE?
They include such things as:
- The land on which the building or buildings are located.
- All facilities and buildings that are a part of the Condominium Association.
- All the physical constructed elements serving the common areas.
- All green areas, gardens, yards, walks and parking areas.
- The maintenance equipment owned by the Association.
- All central service installations necessary to provide the common area water, power, light, heating and refuse or incinerating services.
WHO PAYS FOR THIS OUTSIDE MAINTENANCE WORK? OR RATHER, HOW DO I PAY?
The condominium owners, including you, establish a monthly maintenance fee. It’s based, in part, on the value of each owner’s interest. In other words, each owner pays only for the space he purchases. By pooling your maintenance money with all of the owners, you buy more service for fewer dollars.
WHAT DOES MY MAINTENANCE FEE INCLUDE?
Your maintenance fee covers the management and complete upkeep and repair of all building exteriors, driveways, walkways, parking areas, garages, etc. It also includes the non-maintenance items such as a master building insurance policy on your individual condominium. The only expense items it does not cover are electricity, telephone, heat, and taxes. Finally, it includes a reserve for contingencies such as a leaky roof, worn driveways, etc.
HOW ARE MY REAL ESTATE TAXES PAID?
The law requires the tax assessor to assess taxes on each individual condominium unit and the share of the common areas and facilities which pertain to that unit. Real estate taxes are not assessed on the project as a whole. In other words, you receive a tax bill which covers only your own individual unitand you pay only your taxes.
IS IT EASY TO GET A MORTGAGE LOAN IN ORDER TO BUY A CONDOMINIUM?
It’s as easy as getting a loan on a standard home. Local institutions know all about our condominiums. They’ll be happy to talk with you.
WHAT INSURANCE DO I NEED?
Since the maintenance fee includes a blanket insurance policy on your common areas, all you need is a contents insurance policy that covers your unit interior (furniture, carpeting, wallcoverings, or anyother items you wish to include)
HOW WOULD I GO ABOUT SELLING MY CONDOMINIUM?
You can list it with any real estate company. You can sell it yourself. The concept has been well received. Condominiums have increased in value like individual homes.
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