What Is a Condo Association?

A condo, otherwise known as a condominium is a group owned piece of real estate. While a person may own a certain piece of the real estate, there are other parts of the property, such as the grounds, that are owned by several people known as a condo association.

A condo association is a group of people who own certain types of properties, such as apartments. You collect or pay rent for your specific condo, while the other associates are responsible for theirs. Certain areas of the building can be accessed by all associated. Although they have access to many areas of the building, the part you own is off limits and can only be used by the condo association if given permission by you.

The only difference between an apartment and a condo is the ownership process. A single person may own an apartment, however, it takes a group of people to purchase and own a condominium. Several of the condo owners may live in the condominium or it can be used for vacation purposes. If one of the owners decides to sell their share of the condo, the association will have a meeting and must agree on selling it to a particular person.

The condo association will work together to decide on different plans for the building. They will decide if the building is rented out, how much each associate will make from the rent. They also decide on more complex features such as remodeling the building or adding to the buildings landscape. No one in the association can make single changes to the building, unless they are done specifically to the area owned by the single condo association member.