A condominium, or condo, is the form of housing where a specified part of a piece of real estate (usually of an apartment house) is individually owned. Use of and access to common facilities such as hallways, heating system, elevators, pool, gym and exterior areas are executed under legal rights associated with the individual ownership. These rights are controlled by the association of owners.
Common charges are often used to provide maintenance of these common areas. These fees are used by a condo association for typical expenses associated with the upkeep of community amenities as well as administrative costs. Costs can include many things from landscaping, repairing parking lots, and keeping hallways or stairwells clean and well lit, to paying for printing and mailing of condo association rules and other correspondence.Common charges may also be used to pay wages or salaries for those employed by the condo association. Property taxes, legal fees, the associationâ€™s liability insurance, sewer, and trash removal, may be incorporated into these fees. Security personnel or equipment may be included as well. The homeowner is solely responsible for the care and maintenance of his or her unit.... more
I have been selling real estate for over 25 years. As you can imagine, I have heard thousands of questions. Some were interesting like "whoÂ pays closing costs?"Â Some were on the funny side like