CondominiumsA condominium is a method of property ownership that provides for private ownership of a residential or commercial unit, together with shared ownership of certain common elements. This provides for an apportionment of expenses for things such as building systems, common areas, maintenance, and services. In return, unit owners owe certain responsibilities to their fellow unit owners.
Typically, a property owners association is in place to operate the condominium and to maintain the common elements. Such associations may be subject to the Condominium Property Act, the Not For Profit Corporation Act, or both. Also, condominium and other owners associations typically are governed by the Declaration and Bylaws recorded on the property, as well as any Rules and Regulations adopted by the board of managers of the association.
Condominiums can be residential, commercial, or mixed use, and they can be for large buildings with many units, small buildings with only a few, or a collection of multiple buildings.
The types of issues that arise most frequently in a condominium setting include governance; special assessments; restrictions on rental, pets, or usage; and sometimes construction-related issues. Because everyone in the association has a shared ownership interest, everyone benefits from a cooperative approach to such issues.
It is also important that the association make appropriate choices to ensure the units remain marketable, and to meet the needs of the unit owners. Particularly with residential condominiums, the association should make sure that it takes the appropriate steps to be compliant with applicable lending guidelines to ensure that units can be bought and sold.
We have experience working with large and small condominium associations. Contact us if you have questions about a condominium or on behalf of an association.