3 ms·
The HOA for a condo generally covers building maintenance, insurance, and other necessary costs that are shared by all of the units in the complex. Thus, if yo
by rprasad 14y ago
The HOA for a condo generally covers building maintenance, insurance, and other necessary costs that are shared by all of the units in the complex. Thus, if you buy a condo, you do not have a choice about joining the HOA unless you buy the entire complex (meaning the building and all the units*).
- blaines 14y agoGreat explanation. Thank you.
- DannoHung 14y agoSounds like you bought a co-op, not a condo.
- deleted 14y ago[deleted]
- rprasad 14y agoCondo = unit owners own fractional interests in the shared areas (including the building and land). Co-op = the cooperative owns the shared areas; the members own shares in the coooperative entity. Both = the entity (HOA/cooperative) pays for the maintenance/other costs of the shared areas. Co-ops collect the money for these expenses through monthly dues and yearly assessments. I do not know how co-ops collect for these expenses. My unit is a condo; I fractionally own portions of the building and land. My condo pays for the expenses associated with the common areas through monthly dues and yearly assessments.
- hell0_th3r3 14y agoyou have no land rights. ask a lawyer
- deleted 14y ago[deleted]
- deleted 14y ago[deleted]