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A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
Logo of the Community Associations Institute. The Community Associations Institute (CAI) is an organization that represents homeowners, condominiums, and other community associations around the world.
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Shared areas of condos are usually managed by a condo association, which is a type of homeowners association. It typically acts as a supervisory board and hires a property management company to ...
Instead, the condo association’s master policy will take care of the common areas and building structure, just like a co-op master policy.
A condominium or "condo" is a form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned. Use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under legal rights associated with ...
The first path often follows a developer making an offer to a condo association board for a bulk amount of the residences and the land. The association then shares the offer with its owners and a ...