Katrina, Good question! Any multi-family ownership home such as townhome, condo, or duplex files documentation with the County to set up legal descriptions for each unit. What is covered varies slightly but normally a monthly HOA fee is paid which covers grounds maintenance, snow removal, trash removal, water, and insurance on the exterior of the building. The townhome owner owns what is inside the unit. For example, if the townhome owner broke out a front window normally they would be responsible. If someone threw a rock into the window the HOA normally would cover it. Buyers in the State of Colorado have the right to review the documents relating to the complex including any rules and to also look at the financial stability of the Association before closing on a contract. If there is something which they find to be unacceptable they have the right to get out of the contract and to have their earnest money returned. As everyone will tell you, you really need a Buyers Agent who is experienced and will help to protect your interests. Please feel free to contact me should you have any further questions.
Kayla Okafor, MBA
Denver Real Estate Connection