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2. CONDOMINIUM OWNERS'
ASSOCIATION (COA)
What It Is: A condominium association governs a property where owners hold
title to their individual units and share ownership of structural components and
common areas. In most states, it's formed as a non-profit corporation. It manages
the building, collects assessments, maintains shared property, and enforces
governing documents. Usually, membership is automatic when a unit is purchased.
Types of Homes:
• Mid-rise residential buildings
• High-rise towers
• Attached communities with shared structures
How It Operates: Because exterior elements and major building systems are jointly
owned, oversight is centralized. The board typically maintains shared components,
like roofing, plumbing lines, and elevators. Individual owners are responsible for
the interior of their unit and their personal property. Governing documents define
the division of responsibility by identifying what qualifies as common property and
what belongs to the unit owner.
What Fees Cover:
• Exterior maintenance
• Management and administration fees
• Structural repairs
• Master insurance policies
• Shared utilities
• Building services, such as cleaning or security
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