Condo Association
When you move into a condo you don’t just have neighbors. You have co-investors and you have enforced relationships that simply do not exist after the usual home purchase transaction.
All condo owners in a building belong to a condo association, which typically requires a monthly fee that is used to cover building maintenance. The association is overseen by a board of directors, who are elected by the condo association. This board manages the maintenance of the building, including the allocation of the funds. The specific duties of the board vary from condo to condo. Some condos spell out specific duties in their documents, whereas others leave it up to the board to decide what the needs are for the building.
The "common areas" of the condo property (open spaces, recreation areas, tennis courts, etc.) must be managed and maintained for the benefit of unit owners. To accomplish this, a homeowners' association is usually established when the project is created. The association will have an elected executive board which will manage the association and perform such tasks as enforcing the rules and regulations and collecting the homeowners' dues.
The developer, however, usually remains in control of the association until the developer no longer has the majority of the votes in the association, or until a predetermined deadline has passed.
Condo communities may provide such shared facilities as a pool, gym, tennis courts and clubhouse, all maintained by the condo association, which takes care of all day-to-day management tasks. This is one of the key advantages of condo living—all of the joy of using the amenities, none of the hassles of maintaining them. Condo owners pay a monthly fee to the condo association, which also sets the rules for the condo community.