Condos vary from single family real estate. It is helpful for home buyers to realize those differences prior to buying a condo unit. This article provides Florida condo definition for first time buyers.
What Makes a Condo
Condominium is a form of land ownership. Condominiums are made up of 2 or more units, with the interiors individually owned and common areas mutually owned by everyone. Certain areas, such as patios, may be considered common space but only one unit has sole rights to use it. A master deed outlines the ownership particulars and other relevant facts on the entire development. A unit deed offers information on a specific unit. Buyers must review both prior to purchasing.
The design of a building does not identify it as a condo. Condominiums are created in a variety of configurations. Some are transformed multi-family homes and others are extensive complexes with several buildings. The following are a few common condo styles.
- Garden – Contains only one-level of living area.
- Townhouse – Contains two or more levels of finished space.
- Detached – Free-standing units.
- Duplex – Two attached units, sometimes referred to as a condex.
- Low Rise – A building with a few floors and consisting of mostly single level units.
- High Rise – A building with many floors and typically serviced by an elevator.
Important Facts About Condos
Management & Associations
A document called the By-Laws provides details on how the condo must be managed. It is typically submitted into public record with other relevant documents. It outlines the form and responsibilities of the Trustees. Their tasks often involve gathering monthly fees, enforcing rules, and managing finances. Trustees can hire an outside management company to take over these tasks. Yearly meetings are held to allow unit owners input and to approve budgets and other matters.
Most condominiums have a monthly fee to gather funds for maintenance of common areas. A certain portion is deposited into an account and saved for expensive maintenance issues. Condo fees can change depending on the condo budget and upcoming costs. If the svaings do not cover expenses, unit owners may be charged a special assessment.
Condominiums and Regulations
All condominium complexes have pre-designated rules and regulations. They dictate what unit owners can or cannot do in common areas or even within their own units. They set out to maintain order and preserve common areas for the benefit of all the owners.
Florida Condo Definition For First Time Buyers
Local real estate experts can help buyers assess different condominium complexes. Buyers should also think about hiring a real estate attorney to review documentation on their behalf. By understanding different aspects of condominiums, buyers can make more better investments. This blog on Florida condo definition for first time buyers was compiled by Sonny Solomon at The Keyes Company and is intended merely as an overview. Contact Sonny at 561-247-1047 or email@example.com for facts on a particular condo.