Condominiums are very different from single family real estate. It is important for buyers to realize those differences before purchasing a condominium unit. This blog provides Amesbury MA condominium definition for buyers.
Definition of a Condo
Condominium is a form of land ownership. Condos consist of 2 or more units, with the interiors individually owned. Unit owners have shared ownership in all exterior space and land. Some spaces, such as decks, may be considered common space but granted to a specific owner for exclusive right to use. A master deed details the ownership structure and other important details on the entire complex. A unit deed outlines information for a particular unit. Buyers should see both before buying a unit.
The design of a property does not identify it as a condo. Condos come in all shapes and sizes. Some are converted multi-family buildings and others are major complexes with multiple structures. The following are a few typical condo styles.
- Garden Consists of only one-level of finished space.
- Townhouse Contains two or more levels of finished area.
- Detached Free-standing units.
- Duplex Two units attached to one another, also known as a condex.
- Low Rise A building with 4 or less floors and consisting of mainly single-floor units.
- High Rise A building with many floors and usually containing an elevator.
Additional Facts on Condominiums
Management of Condominiums
A document called the By-Laws provides guidelines on how the complex should be managed. It is normally put into public record with the master deed. It outlines the structure and tasks of the Trustees. Their roles often include collecting recurring fees, enforcing rules, and managing accounting. Trustees may involve a professional management company to take over these tasks. Annual meetings are held to allow unit owners input and to approve finances and other matters.
Most condos have a recurring fee to cover maintenance of shared areas. A specific percentage is put aside into a reserve and saved for extensive maintenance issues. Fees may change depending on the condominium budget and planned expenses. If the funds do not cover expenses, a special assessment may be billed to the unit owners.
Accept the Rules
All condominium complexes have established rules and regulations. They may dictate universal rules and restrictions. They set out to maintain order and preserve common areas for the benefit of all the owners. There is no standard set of rules – they vary for every complex.
Amesbury MA Condos for Sale
Amesbury MA Condominium Definition For Buyers
Local real estate professionals can help buyers evaluate different condominium complexes. Buyers may also consider having a real estate attorney review and explain condo documentation. By understanding the details on condos, buyers can make more educated investments. This article on Amesbury MA condominium definition for buyers was prepared by John Wells at Wellsco Realty and is meant merely as an overview. Contact John at 978-518-1481 or firstname.lastname@example.org for facts on a specific complex.