Condominium Association
A condominium association is the governing body that manages the common areas and enforces rules for a condominium complex. It's typically run by a board of directors elected from among the unit owners and funded through monthly assessments from all owners.
Example
“The condominium association voted to increase monthly fees by $50 to fund the new roof and elevator repairs.”
Memory Tip
Think of it as the 'condo police' - they associate together to make rules and manage what everyone shares.
Why It Matters
The association directly impacts your living experience and costs through rule enforcement, maintenance decisions, and fee assessments. A well-managed association protects property values, while a poorly managed one can create financial and living problems.
Common Misconception
Many new condo owners think they can ignore association rules or avoid paying fees, but associations have legal authority to enforce compliance and can place liens on units for unpaid assessments.
In Practice
If your condo association decides the building needs a new roof, they might levy a special assessment requiring each owner to pay $3,000 beyond regular monthly fees, and this payment is mandatory regardless of your financial situation.
Etymology
Combines 'condominium' (shared ownership) with 'association' from Latin 'associare' (to join together), creating a group that manages shared interests.
Common Misspellings
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