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!
Want to learn more about your Condo Association? Sign up and run a free Eli Report