condos

Condos, short for condominiums, are a form of housing in which individuals own an individual dwelling unit within a multi-unit building or complex and share ownership of common areas. Ownership typically includes the airspace inside the unit and an undivided interest in common elements such as hallways, lobbies, recreational facilities, and grounds.

Ownership and governance are organized through a homeowners association or condo association. Each unit owner holds a deed to their unit and a proportional share of the common property. The association, usually governed by a elected board, is responsible for maintenance of common areas, insurance for the building, and enforcing rules. Owners contribute through regular condo fees or HOA dues, and may be subject to special assessments for major repairs or capital projects.

Governing documents guide condo operation, including the declaration, articles of incorporation, bylaws, and covenants, conditions, and restrictions. These documents cover voting rights, use of common spaces, restrictions on alterations, and procedures for meetings and rule enforcement.

Finances and resale can be influenced by the association’s financial health. Mortgages are typically secured by individual units, while lenders may review reserve funds and the predictability of future fees. Resale values can be affected by the quality of management, amenity provision, and stability of fees and rules.

Condos vary in form, from high-rise towers to garden-style complexes and townhouse layouts. They are distinct from cooperatives, where residents own shares in a corporation rather than a unit. Legal frameworks for condos differ by jurisdiction and local regulations.