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What Is A Condominium?
The word "condominium" describes a form of land ownership. Condominiums in East Greenwich consist of 2 or more units, the interior of which are individually owned. Unit owners share joint ownership of common areas (grounds, hallways, etc.). The master deed is a document that places the land into condominium status and details the ownership structure.
Each unit owner will own a "percentage of interest in the common areas" as outlined and specified in the master deed. The boundaries of individual ownership and common ownership are also described in the master deed. In addition to the land and building structure, common areas also include any hallways, stairways, pools, tennis courts, clubhouses, elevators, and any mechanical systems that service all of the units. Areas that service a specific unit, while still held in common, may also be designated as the "exclusive right to use" of a specific unit. This typically will include balconies, patios, and assigned parking spaces.
Condominium Styles
- Garden (flat) — Contains one-level of finished living space.
- Townhouse — Contains two or more levels of finished living space.
- Detached — Free-standing building (no other unit is located in that same building).
- Duplex — Two attached units, sometimes referred to as "condex". There may be several duplexes/condexes within a particular complex.
- Low Rise Building - A building with primarily garden-style units and no more than 4 levels in the entire building.
- High Rise - May contain garden and townhouse units and greater than 4 levels total in the building. High rises are commonly serviced by an elevator.
Management & Associations
The document that establishes the criteria for managing the condominium and common areas is called The Trust Agreement or the By-Laws and is recorded with the Master Deed. This document describes the structure and responsibilities of the Trustees who assume responsibility for the management of the association. Their tasks often include establishment of an annual budget, collection of fees; enforcement of rules and regulations, and managing of finances. Trustees may hire a professional management company to assist with these responsibilities. Trustee meetings are scheduled per the by-laws and are documented in meeting minutes. The unit owners meet on an annual basis, at a minimum, to ratify the budget, review expenditures, etc.
Monthly Fees
The management and maintenance of the association is determined by the Trustees and ratified by the unit owners as specified in by-laws of the condominium. The monthly fees paid by each unit owner are calculated based on budget and the percentage of each owner's interest in the common area. If there is a shortfall, there may be a "Special Assessment" made to cover this additional expense. Based on the amount of shortfall, this may be charged as a one time fee or spread out over several months or years.
Rules and Regulations
The Rules and Regulations regarding the use of the condominium and facilities are usually determined and established by the Trustees and may be voted on and changed from time to time by the Unit Owners.
What Buyers Should Know
If you are thinking of buying a condominium unit, be sure to review:
- Condominium Documents — Master Deed, Condominium Trust, etc.
- Rules & Regulations
- Financial Statements — Annual and Current Budget
- Annual Meeting Minutes and Trustee Minutes (When Available)
It is always recommended that you have the documents reviewed by your attorney. Your East Greenwich Buyer's Agent should also be certain your offer provides for a cancellation should any part of the documents not be acceptable to you.
Importance of Working With a East Greenwich REALTOR in Your Condo Purchase
Condominium structures and considerations vary by state and region. The above is just a general guideline on the most common type of condominiums. Your East Greenwich REALTOR can provide additional details and educate you on everything that you need to know regarding your condo purchase, including information on co-ops and informal complexes such as converted multi-family buildings. Virtual Homes has a network of experienced REALTORS ready to assist you.