Condominiums

A Condominium complex is an apartment building or group of housing units in which the apartments are owned individually. The common areas including the land, swimming pools, exterior drives and parking spots are owned in common by the homeowners. Usually, the exterior maintenance is paid for out of homeowners dues and necessary assessments collected and managed under strict rules. Each individual unit is referred to as a condominium.

A housing cooperative often referred to as a co-op is a distinct form of property ownership. It is usually a corporation that owns one or more residential buildings. The corporation is membership based and each owner is granted the right to occupy one housing unit. The homeowner becomes a share holder in the cooperative. All costs for the cooperative are shared by the members and through the elected co-op representatives maintenance issues as well as resident screening are handled through the co-op board.

A Home Owners Association is the governing body representing all of the home owners in a particular condominium, subdivision or gated community. The members of the Home Owners Board are elected by the homeowners and are obligated to observe the by-laws of the development as well as state statues that govern homeowner associations. This organization provides services, enforces the rules of the development and regulates assessments, fines and monthly common charges to be paid by all members.