Condominiums are structured differently than single family real estate. It is useful for home buyers to understand those differences prior to purchasing a condo unit. This article provides Boston MA condominium definition for buyers.
Condominium is a form of land ownership. Condos consist of 2 or more units, with the interiors belonging to individual owners and common areas shared by all. Certain spaces, such as decks, may be considered common space but offered to a specific units’s exclusive use. A master deed summarizes the ownership framework and other relevant facts on the overall complex. A unit deed offers information on a specific unit. Buyers should see both before purchasing.
The layout of a unit does not determine whether it is a condo. Condos are available in a variety of designs. Some may be transformed multi-family homes and others are major complexes containing many structures. Below are a few popular condo styles.
- Garden – Consists of only one-level of finished space.
- Townhouse – Consists of two or more levels of living area.
- Detached – Unattached units.
- Duplex – Two units attached to one another, often called a condex.
- Low Rise – A building with a few floors and containing primarily single level units.
- High Rise – A building with many floors and usually containing an elevator.
Important Information on Condos
A document called the By-Laws details the condo management procedures. It is traditionally submitted into public record with the master deed. It specifies the structure and tasks of the Trustees. Their responsibilities often include gathering condo fees, enforcing rules, and controlling accounting. Trustees might involve an outside management company to manage these responsibilities. Annual meetings are held to offer unit owners a voice and to approve finances and other matters.
Most condominiums have a condo fee to gather funds for maintenance of shared areas. A certain percentage is placed into a reserve and saved for major maintenance items. Fees may go up or down depending on the condo budget and upcoming costs. If the svaings are less than the amount needed for expenses, a special assessment may be passed on to the unit owners.
Know the Rules
All condo complexes have pre-designated rules and regulations. They explain restrictions for common areas and sometimes also within personal units. They are intended to maintain order and preserve common areas for the benefit of all the owners.
Boston MA Condominium Definition For Buyers
Local real estate agents can help buyers evaluate different condominium complexes. Buyers must also consider hiring a real estate attorney to review and explain condo documentation. By understanding different aspects of condominiums, buyers can make more wise investment decisions. This blog onBoston MA condominium definition for buyers was compiled by Bill Kuhlman at Kuhlman Residential and is meant merely as an overview. Contact Bill at 781-444-1399 or email@example.com for facts on a specific condo.