Condo Association Management Blog

Looking Deeper Into Condo Association Regulations

  

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Condo associations have certain condo documents on file when a condo development is established. First, the Declaration is the document that establishes the condominium complex as a legal entity. It calls for the establishment of a condominium association made up of all the owners of the condominiums in that complex.
Second, there are condo by-laws, rules for the administration of the condominium property. It is important to understand the by-laws of the development in which you will be purchasing a unit. Some by-laws prohibit pets while others have restrictions on noise, visitor parking, and so forth. The original by-laws can be amended by a vote of the condoassociation members. Some of these documents can be quite lengthy and hard to read. However, a realtor who is a condo specialist is familiar with these documents and can explain them to you. Ask your real estate agent to obtain the latest information on recent condo budgets and changes to the by-laws so that you can choose the best complex for you.

The budget will indicate how much is being spent on each item covered by the condo fee. The size of the reserves gives you insight regarding how secure the condo association is. Reading the minutes of the most recent meeting will tell you if there are any special HOA assessments, condo fee increases or major changes being considered by the condo board.

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