Condo Associations: Read the Fine Print
Condo Associations: Read the Fine Print
If you live in a Condo or are thinking about buying a condo, you should be aware of the condominium’s building and tenant associations, their specific rules with respect to owner and tenant obligations, as well as the capacity of various association members to change the rules, with or without the knowledge of residents.
For example, you need to know the rights and power of any condominium corporation or council that represents the owners/tenants in areas such as:
1- Setting, changing and collecting fess and dues.
2- Arranging, awarding, and canceling contracts.
3- Delegating or revoking responsibilities to committees, volunteers, etc.
4- Scheduling meetings, tabling agendas, and conducting day-to-day business.
5- Establishing or changing condo bylaws, with or without retroactive application.
These may seem like routine matters initially, but before you buy, you should know where the decision-making power lies, and what procedures are to be followed. If you are aware of the procedures, associations and committees in advance, as well as their potential for flexibility or outright change, you will be much more comfortable with decisions and issues that arise. It’s always better to investigate in advance rather than learn about the details after a conflict arises.