Frequently Asked Questions
What exactly is a condo?
The term “condominium” refers to the legal ownership of a specific unit inside a condominium organization. An interest in the common facilities of a condominium complex as well as the legal title to the whole interior space of the individual unit are both included in the ownership of a condo. All owners in the condominium organization contribute to the expenses and upkeep of the common facilities and elements. High-rises, lofts, townhouses, mid-rises, villas, flats, and repurposed rental homes are all types of condominiums.
Why are certain condo fees so expensive?
Higher rates are directly correlated with the location of the property and the amenities provided to inhabitants. The overall costs are increased by amenities including a 24-hour concierge desk, elevators, a clubhouse, swimming pools, fitness centers, and security. The utilities that are included also differ from complex to complex.
What is a Declaration? (In other states, CC&Rs are referred to as "covenants, conditions, and restrictions")
It is a document that establishes the legal details and establishes a condominium complex, much like a deed. Both the legal definition of each unit and the legal description of the parcels are provided. Each unit’s share of ownership in the common parts is specified in detail. Along with any other legal clauses that the developer or owner believes necessary to encourage and protect cooperative ownership and to make good administration easier.
What are condominium membership fees?
Condo fees, often known as maintenance fees, are proportionate costs for your share of maintaining common areas or common elements and making contributions to the condominium complex’s reserve fund.
Usually, these costs are calculated as a direct ratio of the size of each unit to the sum of all units. The cost varies greatly depending on the property’s age, location, and resident-accessible facilities.
While extremely inexpensive condo fees may be alluring, take caution not to buy into a community that is experiencing financial difficulties.
How are fees created?
The bylaws, which are essentially rules and regulations, contain information about the formation and management of the condominium board, including details on the election of board members, the powers and responsibilities of the board, the number of members who make up the board, the dates of meetings and elections for board replacements, and any restrictions or requirements regarding the use and upkeep of units and use of common elements.
What is a certificate of resale?
Before a deal closes, each seller is required by the Washington Condominium Act to give a resale certificate to prospective buyers (RCW 64.34.425). A potential purchaser can get a thorough rundown of the Association and, in particular, the unit up for sale, from the resale certificate.
What happens if I don't fulfill my financial commitments to the condominium, including my condo fees?
According to Article 20 of the Regulatory Law of Condominium Property, if these requirements are broken, the private unit will be impacted as collateral, preferably and from the beginning, in this situation. In the event that these responsibilities are not met, a legal mortgage over the private unit is automatically created and is used as the basis for the foreclosure process. This certification is provided by an authorized public accountant.
What distinguishes "percentage value" from "co-ownership coefficient"?
The co-ownership coefficient is the index that determines each private unit owner’s percentage share in the condominium’s common areas, whereas the percentage value is the index that determines how much of a share a condominium owner has in relation to the overall value of the same condominium or building.
Do condominiums have legal status?
No. A condominium is a piece of real estate that has common areas that are of indivisible nature and can be used freely by various owners while yet falling under a certain ownership structure. Despite the fact that it is a condominium and not a legal entity, it has been given certain rights and obligations for practical purposes. As a condominium, it is able to, for example, be an employer and be registered with the Costa Rican Social Security Fund, the Ministry of Finance, hire privately, and have representatives.