Purchasing a condominium is one option for potential home buyers to consider, however, it is helpful to understand the basics of condominium law and what the purchase of a condo will entail when considering a condominium purchase. Any real estate purchase can entail complexities the potential buyer, and sellers, should understand.
Overall, owning a condominium is similar to owning a home except in some ways including that a condominium is commonly managed by an association. In addition, the owners of the condos share ownership of common areas which can include outdoor spaces or recreational areas. Though the process of purchasing a condominium is similar to purchasing a home, there are some differences and considerations that are unique to the purchase of a condominium and unique to condominium law.
Because the common areas are owned by all owners of the condos, that is not part of the purchase. In addition, the purchaser will only have the authority to modify interior and non-exterior components of the condo. The structure of condominiums comes in different forms and arrangements and may be like apartments or might be more like a series of townhomes. Even stand- alone homes in some circumstances may be treated as condominiums depending on the circumstances and arrangement of the property.
The purchase of a condominium can be an excellent opportunity to limit maintenance while owning a property. Because of the benefits of condominium ownership, it is important for those considering purchasing a condo to understand the legal implications of their purchase and the benefits of such as purchase, as well as any concerns that need to be address.
