In a condominium, 'common elements' refer to the portions of the property not owned individually by unit owners but in which an indivisible interest is held by all unit owners. These generally include the grounds, parking areas, recreational facilities, and external structure of the building.
A Community Association is an organization of property owners dedicated to managing common interests and elements within a residential community, such as condominiums or subdivisions.
A Condominium Owner's Association (COA) is an organization of all unit owners within a condominium, established to oversee and manage the common elements and enforce the community bylaws.
In real estate, a 'Declaration' refers to formal pleadings by a plaintiff as to the facts and circumstances that gave rise to his cause of action. Additionally, it is a legal document used to create a condominium, including vital details about individual units and common elements.
A Homeowners' Association (HOA) is an organization created by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision. Most HOA structures include a volunteer board of directors elected by the members.
Horizontal Property Laws are state statutes that enable condominium ownership of property, adjusting traditional property laws to allow for individual ownership of units within a building while maintaining shared interest in common elements.
A maintenance fee is an assessment by a Homeowners' Association (HOA) or a Condominium Owners' Association (COA) to cover the costs associated with maintaining and operating common elements and areas.
