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Home / Real Estate Information / Home Buyer Tips / MA Condominium Definition For Buyers

08.10.12 Home Buyer Tips, Local Information

MA Condominium Definition For Buyers

Condos are much different than single family properties. It is useful for buyers to understand those differences before purchasing a condominium unit. This blog provides MA condominium definition for buyers.

What Makes a Condominium

Definition of a Condo

Condo is a type of land ownership. Condominiums contain 2 or more units, with the interiors individually owned. Unit owners have joint ownership in shared spaces. Some spaces, such as patios, may be considered common space but granted to a specific owner for exclusive right to use. A master deed outlines the ownership structure and other relevant information on the entire complex. A unit deed outlines information on a specific unit. Buyers should review both prior to purchasing.

Condominium Styles

The layout of a property does not determine whether it is a condo. Condos come in all shapes and sizes. Some are converted multi-family buildings and others are large complexes with multiple structures. The following are a few popular condo styles.

  • Garden Contains only one-level of finished area.
  • Townhouse Consists of more than one level of finished space.
  • Detached Free-standing units.
  • Duplex Two units attached to one another, also known as a condex.
  • Low Rise A building with few floors and containing mostly single-floor units.
  • High Rise A building with 5 or more floors and usually containing an elevator.

Other Information on Condominiums

Condo Management

A document called the By-Laws provides guidelines on how the complex should be managed. It is normally submitted into public record with the master deed. It specifies the structure and tasks of the Trustees. Their responsibilities often include collecting monthly fees, enforcing rules, and controlling the budget. Trustees can hire a professional management company to take over these tasks. Yearly meetings are held to offer unit owners input and to review finances and other matters.

Monthly Fees

Most condos have a recurring fee to cover maintenance of shared areas. A certain portion is put aside into a reserve and saved for significant maintenance issues. Fees can go up or down depending on the condo budget and known expenses. If the funds are not sufficient for expenses, unit owners may be charged a special assessment.

Understand the Rules

All condominium complexes have pre-designated rules and regulations. They dictate restrictions for common areas and sometimes also within individual units. They are created to maintain order and preserve common areas for the benefit of all the owners. There is no standard set of rules – they differ for every complex.

MA Condominium Definition For Buyers

Local real estate agents can help buyers evaluate different condo complexes. Buyers should also think about having a real estate attorney review and explain condo documentation. By understanding the details on condos, buyers can make more secure investment decisions. This article on MA condominium definition for buyers was prepared by Christopher Graves at Emery Federal Credit Union and is meant strictly as an overview. Contact Christopher at 781-759-1200 x22 or christopher.d.graves@gmail.com for details on a specific complex.

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Tags: condos, MA

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Topics

  • Local Information (61)
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  • Real Estate Information (176)
    • Featured Properties (2)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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