Your Realtor can help you with getting this information.
Licensed Realtor in NJ and GA
Let me know if you have any additional questions.
Jesse Real Estate, Inc.
900 Ocean Avenue
Ocean City, NJ 08226
Many HOA's require a one time Capital Contribution to their General Maintenance Fund from a new owner owner. This fund builds so that if there is a major expense there is money to cover it. However, if this fund is NOT sufficient the owners in the association are levied with an assessment to cover the costs of the needed repair or upgrade. In Ocean City, many duplex "Condo" associations have a very informal arrangement where the owners just split the costs of any expense that arrises which affects the "common areas". They also just split the cost of the flood insurance and general hazard insurance on the building. This is great as long as both owners are cooperative and responsible. Even these smaller "Associations" would be wise to gradually build a Capital Fund for those emergencies.
If you would like assistance in finding a condo in Ocean City or off island, I would be happy to assist you!
Joanne Bernardini, SFR,CSSA
Coldwell Banker Casa Bella Realtors
Part of the due diligence in considering the purchase of any condo is to obtain the type of information you are asking about. In fact, the standard agreement of sale provides for review of condo budgets, special assessments, and the general fiscal health of the association. In Ocean City, many condos are part of a duplex where there are only two units and generally no condo fees but simple splitting of costs. If you are interested in a particular condo complex, I would be happy to work with you to help you get the information you need to understand all of the financial implications of such a purchase.
Ocean City NJ