Condominios

Condominios (condominiums) are a form of property ownership where individual units are owned separately and the common areas are owned jointly by all unit owners. This structure is common in multi-unit residential buildings, townhomes, and some mixed-use developments. A condominium association or homeowners association is typically responsible for managing common elements and enforcing rules.

Ownership and governance: Each owner holds title to a specific unit and a share in common elements. A declaration of condominium, bylaws, and rules govern the property. A board of directors or managers elected by the owners administers the association, maintains reserves, and enforces covenants.

Finances: Owners pay regular condo fees or dues to cover maintenance of common areas, building insurance, utilities for shared facilities, and a reserve fund for major repairs. Special assessments may be levied for large projects.

Rights and responsibilities: Owners may use common areas according to the rules; they control interior spaces and must comply with restrictions on renovations, noise, and appearance. The association exercises governing authority over shared property and may impose fines or liens for noncompliance.

Advantages and considerations: Condominios offer access to amenities and shared maintenance costs, while limiting private land ownership to the unit. Drawbacks include ongoing fees, use restrictions, and potential conflicts within the association. Legal frameworks vary by country and region, but the basic model centers on private ownership of units and joint ownership of common property.