Jeff’s Carlsbad Blog for First Time Home Buyers

What is a Condominium?

Posted in FAQs,Glossary of terms,Homeownership by Jeff Dowler on February 12, 2007

A condominium, more commonly referred to as a condo, is a type of legal ownership in a property.

A condo owner has separate fee interest in a particular unit (or units if they own more than one). However, all condo owners share an undivided interest in all common or public areas in the development or building, including the land. Each unit owner has a deed for their unit and pays taxes on that unit, just as in a detached home.

One big difference is that there are commonly restrictions on what unit owners can do to their properties. There typically is an association (condo association or HOA) that manages the condo complex, although sometimes an outside management firm may also be involved and responsible for collecting the fees, paying the bills adn other related tasks. Typically, fees are assessed for each unit owner to cover the cost of maintenance, repairs, upkeep of the common areas, etc. These may range from under $100/month to hundreds of dollars or more depending on the complex (gates, elevators, pools, tennis courts and similar facilities all add to the costs of maintenance).


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