Condominiums, also referred to as a condos are housing units, which form part of a larger community that is jointly owned. As such, condos like those offered by oak and co condos have shared amenities like lifts, hallways, heating systems and playing grounds. A group of individuals entrusted with managing the community regulates the use of those facilities. This could be a few members of the community of or a homeowners association (HOA). Simply put, a condo, is an apartment that is owned by the residents resident and not a sole owner.

Rules and Regulations

Considering that condos are owned by individuals, letting everyone run the show can create havoc. As such, each condo has its unique regulations that govern the actions of the owners, maintenance practices and use of shared facilities. All these rules are contained in a document known as the master deed that explicitly provides laws used in managing the neighborhood.

Shared Amenities

In a condo, besides buying the house, you also buy some common facilities. These include all parts of the building other that the individual units, service installations, parking spaces and community facilities like swimming pools.

Monthly Dues

In this community, each unit owner is expected to pay some dues to the association. This could be monthly, quarterly, half-yearly or even annually. These collections are used to cover for management, maintenance and in rare occasions dealing with emergencies. Money for emergencies and for conducting improvements is kept in a reserve fund. In the absence of …

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