Home Buying in Ocean City>Question Details

Joanie Gingr…, Home Buyer in Ocean City, NJ

what is the monthly condo fee?

Asked by Joanie Gingrich, Ocean City, NJ Thu Aug 23, 2012

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2
Joanne Bernardini’s answer
A condo fee by definition is a fee that is charged to all condos located on a particular property and covers establishing a reserve that will be used to cover the "common costs" of the building repairs and maintenance and sometimes additional fees for insurances etc. The specific condo fees are always spelled out in the Master deed and Bylaws of the condo association so there are no surprises. From time to time there may be an unexpected cost for which there is insufficient funds in the reserve. An example may be all the windows and doors of the building need replacing or termites are discovered to have caused major structural damage which needs immediate repair.
In that event each owner becomes subject to an assessment which added together will cover the cost to repair the building.
If you are planning on buying a condo ask to review these documents, as each condo association rules and fees are different.
Joanne Bernardini
Coldwell Banker- Casa Bella Realtors
Cell-609-947-2451
0 votes Thank Flag Link Thu Aug 23, 2012
Hey Joanie-

Which condo are you referring to? Do you have a listing you can show us so that we can help you?

Thanks,
Ali, Community manager
0 votes Thank Flag Link Thu Aug 23, 2012
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