Condominiums are vary from single family real estate. It is important for buyers to know those differences before buying a condominium unit. This blog provides Salisbury MA condo details for buyers.
What Makes a Condominium
Definition of a Condominium
Condo is a form of land ownership. Condominiums contain 2 or more units, with the interiors individually owned. Unit owners have shared ownership in all exterior space and land. Some areas, such as decks, may be considered common space but granted to a specific owner for exclusive right to use. A master deed outlines the ownership structure and other relevant information on the entire complex. A unit deed details information on a particular unit. Buyers should read both before buying a unit.
The layout of a property does not determine whether it is a condominium. Condominiums come in all shapes and sizes. Some are converted multi-family buildings and others are major complexes including multiple structures. The following are a few typical condo styles.
- Garden Contains only one-level of finished space.
- Townhouse Contains two or more levels of living space.
- Detached Unattached units.
- Duplex Two units attached to one another, also known as a condex.
- Low Rise A building with 4 or less floors and consisting of mainly single-floor units.
- High Rise A building with 5 or more floors and traditionally containing an elevator.
Additional Details on Condos
Management of Condos
A document called the By-Laws provides details on how the complex should be managed. It is typically submitted into public record with the master deed. It specifies the structure and tasks of the Trustees. Their roles often include collecting monthly fees, enforcing rules, and controlling the budget. Trustees can involve a professional management company to assist with these tasks. Annual meetings are held to give unit owners a voice and to approve finances and other matters.
Most condos have a monthly fee to gather funds for shared maintenance. A specific percentage is put aside into a reserve and saved for extensive maintenance issues. Fees can go up or down depending on the condominium budget and planned expenses. If the funds are not sufficient for expenses, unit owners will be responsible for a special assessment.
Know the Rules
All condo complexes have pre-designated rules and regulations. They will dictate universal rules and restrictions. They are established to maintain order and preserve shared amenities for the benefit of all the owners. There is no standard set of rules – they vary for every complex.
Salisbury MA Condos for Sale
Salisbury MA Condo Details For Buyers
Local real estate professionals can help buyers compare different condominium complexes. Buyers should also consider having a real estate attorney review paperwork on their behalf. By understanding different aspects of condos, buyers can make more informed investments. This blog on Salisbury MA condo details for buyers was compiled by John Wells at Wellsco Realty and is meant strictly as an overview. Contact John at 978-518-1481 or firstname.lastname@example.org for advice on a specific complex.