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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