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Step 1
What is a condominium? Often referred to as "condo" in short, condominiums are usually groups of units within a larger property. Most commonly this occurs in high rises consisting of 50 or more units however, your unit could only have 1-2 units beside it.
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Step 2
What will I own? You will own your own personal unit. Condo land ownership is usually referred to as air rights. As a condo owner you will only own within the walls of your unit no more, no less.
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Step 3
Will I own interest in any other part of the building? No, these are called common elements. Common elements include hallways, lobbies, court yards, swimming pools and any other "common" area outside of your unit. These are area's for you to use and enjoy however you do not own them.
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Step 4
Do I have to pay real estate taxes? Yes. Each unit is responsible for it's own taxes. If a unit owner does not pay his/her taxes he/she is subject to foreclosure on his/her property. Your foreclosure will not affect the other unit owners.
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Step 5
What are by-laws? By-laws are a set of rules that are made by the association for a condo unit. By-laws are the rules that each owner is expected to live by.
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Step 6
Will I have to pay additional fees? In most cases, yes. Many condo owners are subject to maintance fees. These fees cover the up keep of the common areas. All unit owners are responsible for paying these fees equally whether or not you use the common areas as much as the other owners.
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Step 7
Do I need insurance? Yes, I would suggest getting insurance. The condo invested is required to have limitied insurance. This in most cases only covers the unit itself and will not cover anything on the inside of you unit including interior walls, fixtures, carpeting and personal property.
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Step 8
Can I sell my condo? Yes you sure can. You own your unit, it is your property and you can sell your property for a price that you decide.
Comments
Kilogramm said
on 11/10/2008 Thank you for answering all the questions I had about buying a condo, 5 stars!