Condos-Associations

A co-op is a housing structure where residents usually own shares in an entity and receive the right to occupy a unit.

Common elements are shared parts of a condominium or association property that are used, maintained, or funded collectively.

A condominium is an ownership structure where a person owns a unit and shares rights and responsibilities in common property through an association.

A declaration is a recorded governing document that creates or defines key rights, restrictions, and obligations for a condo or association community.

A homeowners association is an organization that manages community rules, shared property, assessments, and certain owner responsibilities.

A reserve fund is money an association sets aside for major repairs, replacements, and long-term shared-property needs.

A special assessment is an extra charge an association levies on owners to fund a specific cost or budget shortfall.

Terms that explain shared ownership structures, common elements, reserves, assessments, and association governance.