Homebuyers looking for a condo come across a lot of terms that aren’t used in daily discourse. Here's a glossary to help you navigate the buying process.
Amenities: Features such as pools, workout rooms or a clubhouse that are provided to members of the community and covered by homeowners association fees.
Condominium declarations/bylaws: The rules and regulations of a condo community. They should be available to you for review at the condo community’s office and online.
Common elements: Spaces or buildings that are shared by the community residents.
Homeowners association or HOA: The governing body of the condominium community made up of its residents. The association collects monthly fees and determines spending, sets and enforces rules and holds monthly meetings to discuss its work.
HOA document review: A buyer will review the rules, fees and bylaws of a condo community before purchasing.
HOA fees: The monthly payment that condo residents make for the upkeep of common areas and for projects in the community.
Limited common elements: Areas that can be reserved by specific units, such as cabanas at a pool.
Walkability: How friendly and safe an area is to walk about, measured in part by the proximity of grocery stores, restaurants, parks and other neighborhood features.
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