Looking at a condo and wondering what a condominum association is? Condominium associations are virtually the same as HOAs, though they represent units rather than detached homes. The units may be condos, apartments, townhouses, or a mix.
Condo associations set rules, charge fees and manage budgets for common property. The intention of all this is to ensure that your community is well maintained. A condo association will have annual meetings where the owners will elect board members, approve budgets and maybe amend CC&Rs. There will also be regular meetings by board members.
Every few years your condo association will invest in a reserve study. A reserve study estimates the cost and timing of replacing common property, which is important. The goal is to have owners pay based on the use of these assets. Otherwise, a buyer could come in and get hit with the cost of replacement. Always read the condo association documents before buying!
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