Whats A Condo Anyway?
Everybody has a basic understanding of what they are buying when they buy a condominium: namely, an apartment within an apartment building. However, it is worthwhile to delve a little deeper below the surface. When you buy a condominium, you are buying an apartment within an apartment building. You are also buying an undivided interest in the common areas of the building. From a legal standpoint, condominiums operate as non-profit corporations. The income to the Condominium Association primarily consists of the monthly assessments. The expenses consist of the operating expenses of the building, such as natural gas, electricity, water, insurance, doorman, etc. As the purchaser of a condominium, you automatically become a member of the Condo Association. Collectively, all of the members of the Condo Association elect a Board of Directors, typically three to seven people. The Board of Directors is charged with the responsibility of operating the building. In a larger building, the Board o
