Search Glossary:
  • Glossary Terms
  • Categories All Categories
    • All Categories
    • Home Loan
    • Credit
    • Refinance
    • Mortgage
    • Home Equity
    • FHA Loan
    • Auto Loans
    • Credit Repair
    • Personal Loan
    • Debt Consolidation
    • Reverse Mortgage
    • Auto Refinance
    • Credit Scores
    • Student Loan
    • Business Loan
    • Student Loan Refinance
    • RV Loans
    • Motorcycle Loans
    • Boat Loans
    • Powersport Loans
    • Pre Approval
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Condominium Association
Search by alphabetic

Condominium Association

An association of unit owners in a condominium building. The association elects a board of directors, which handles the maintenance and repair of common areas, disputes among unit owners, and enforcement of rules and regulations, and condominium fees.

More On Condominium Association

Part of owning a condominium involves paying condominium fees.  These fees go to the condominium association who maintains the condominium complex.

Condominiums are somewhat like apartments.  It is in a building with several other units.  Each unit is individually owned.  With a condominium, there can be neighbors above, below, and beside each unit.  The common areas and facilities of the condominium complex are shared by each of the units’ owners.  Also, some condominium complexes have extra amenities, such as a pool or workout facility, that are shared by all of the owners.  There also is a condominium association with the complex.  All of the owners of the units are members of the condominium association.  The members of the association elect a board of directors who enforce the rules, maintain the complex, and handle disputes.

Since all of the common areas and facilities have shared ownership among the residents, their upkeep is also the responsibility of all of the units’ owners.  However, this does not mean that you have to spend your Saturdays mowing the lawn or fixing the roof at your condo complex.  Instead, everyone pays homeowner’s dues.  These dues go toward the general upkeep of the condominium complex.  It is the condominium association’s board of directors who coordinates all of these repairs and maintenance.

With people living in such close proximity of each other as happens in a condominium complex, it is inevitable that problems will arise.  The condominium association’s board of directors handles these disputes.  Whether it involves a dispute over parking, pet clean-up, or too much noise, the condominium association can mediate and try to help settle the dispute.  This may involve warning letters or even fines.

Members of the condominium association’s board of directors usually rotate on a yearly basis.  The owners of the units vote for the board of directors.  After the term is up, a new board is elected.  One great thing is that it gives residents the opportunity to be involved with the condominium association and with issues that impact their community.

Related Articles