Condo Common Elements Review
Condominium units are individually owned. Unit owners also own the shared spaces in and around the condominium buildings collectively with the other owners in the complex.
Each condo unit has a deed, and this real estate can be transferred and sold in the same way as other types of real estate.
Condominium owners often pay association fees to maintain the shared resources of the complex. These fees cover the cost to maintain the common areas/elements.
Some examples of common elements are:
- Swimming pool
- Walking paths and greenspace
- Carports and parking lots
- Laundry area
- Community clubhouse
- Workout room
Limited common elements are areas that are owned as a group (common elements) BUT assigned to only one unit’s use.
Examples of limited common elements:
- An assigned parking space within the community parking lot designed to be used by a certain unit's occupants only
- A patio attached to a unit that is intended for the use of only that unit
- A designated manager's unit that is owned by the complex but set aside for the community manager to occupy
Understanding the difference between a single family detached home and a condominium is important when preparing for the exam. One of the key reasons that buyers select a condo over a detached home is the ease of maintenance. Some condominium complexes offer amenities that would not be found in most detached homes, such as a clubhouse or a large outdoor pool. Although condo living often offers less privacy than life in a detached home can provide, many owners like the idea of relaxing on the weekend without thinking of yardwork.