Condo Association FAQ

• Your community includes elements that are owned in common by all the residents. The Association provides the structure for operating and managing the commonly owned areas.
• There is an underlying goal to build a sense of community, and it is up to the homeowners to be involved and promote the sense of community.
• They set forth rules and standards for:
  • the protection of both owners and the community (such as snow removal and liability insurance)
  • the enhancement of property values (such as maintaining the paint and roof, lawn maintenance, regulation of outdoor storage)
  • the promotion of harmonious living (such as parking and noise regulation)

Everyone who owns a property in the complex is a member

It is governed by a Community Board made up of homeowners.

• The owners will maintain the entire property. Some areas will be maintained through the COA (the Common Areas), and each homeowner will be responsible for their exclusive property.
• A property management company will support the Association by facilitating meetings and collecting fees to cover repairs for common areas.

The association pays for services for the community. Some services are for convenience; others are meant to comply with city codes.

COA fee will be considered in the overall mortgage for each condominium; the overall cost of the mortgage combined with the COA fee will not exceed 30% of each buyer’s housing-to-income ratio.