A Condominium is an individual ownership of a single unit in a complex of buildings or a multi-unit building. Owners have title to their individual unit and a share of the recreational facilities, grounds and common areas.

Initially a Developer or Organization creates the Condominium and is in control. Once a specific number of units are sold, The Condominium Association becomes the governing body. Each Unit Owner belongs and has one vote for each owned unit.

A Board of Directors is then elected to establish policy, enforce provisions of the Declaration, rules and bylaws. The Declaration, also known as the master deed; declaration of restrictions: covenants, conditions and restrictions is the key document. This is a legal document outlining voting rights, description of property, common elements and operation of the association. Governed by state laws and filed in the land records.

Rules and Regulations are usually published separately from the bylaws and are more detailed. Condominium Fees are established to meet operating expenses. Special Assessments may apply but are not usual, except in an emergency.

State Regulations Applying:  Prior to executing a contract, the Buyer must be presented with; all the Condominium Documents with more than 3 days, excluding Saturdays, Sundays and legal holidays, Current Copy of Declaration, Articles of Incorporation of the Association, Bylaws, Rules of the Association, Copy of the most recent year-end financial information and the Question & Answer Sheet.

The Buyer has three days, excluding Saturdays, Sundays and legal holidays, after receipt of the documents to void the contract by delivering written notice.

These are just a few of the factors to consider when making an Offer to Purchase. All property facts presented should be verified and professional guidance sought before making an Offer.