Firstly all need to know what a condo is. It is actually a shortened form of the word condominium that is a form of real estate which comprises of several units, owned by separate people with surrounding areas that are owned jointly.This is slightly different from apartments as the ones like the Burnaby condos are not on lease by their tenants instead,the buyer owns them and with it, the surrounding areas like laundry rooms, hallways,etc. and other amenities like elevators are jointly owned by more than one owner.
Unit description of condos
- A declaration called a “Master Deed” is a document which describes the units and common areas of the condo. It also describes the restrictions that need to be followed by the owners.
- An association called the Home Owners Association (HOA) is also created to manage the internal issues of the inhabitants of the condominium.
- There are condominium bylaws which highlight the responsibilities of the owners.
- The owners of the condominiums can allow their condos to be rented to tenants, but they have to see to it that these tenants abide by the rules and regulation set by the HOA.
About Home Owners Association
- The unit owners form a Home Owners Association and manage the condos through a group of elected members who form the board of directors.
- Condos can be considered in civil as well as common law because it is purely a statute creation.
- The cost of maintenance of the common areas is also decided by the HOA.
- The payment that each owner needs to pay is also decided upon by the HOA, and they also have the legal right to collect the same.
An example of condos could be ones like the Burnaby condos for sale that stand true to the aspects of condos.