When you buy a condominium, you are purchasing property that has associated common property. Condo bylaws explain the use and care of these common areas. The condominium you purchase is often only the interior space. Open areas, outside walls, roof, outside stairways and parking areas are all a part of the common areas.
Condo bylaws ensure that the property is used and taken care of in a proper manner. The bylaws help to guarantee that you or your neighbors do not do something that would lower the value of the entire condominium. They also are written in such a way as to keep everything fair for each owner.
If you are considering purchasing a condominium, it is important that you read the bylaws before the purchase. You will want to be sure that you can live by these bylaws before making a major investment. If there is something in them that will prevent you from using your new home in the way you want, you need to know this information before you make the purchase.
The bylaws of a condominium will specify how the board of directors of the association is selected. They also will describe your part in the decision making process of electing the board members. In addition, the bylaws specify how you will be billed for any major repairs that are necessary as well as the maintenance fees to the association that are used for maintenance and minor repairs.
The subjects that are covered in the bylaws can be multiple. Most of the time, the bylaws are written by the original developer of the condominium. The bylaws are recorded documents that become a part of the deed record of each unit that is sold. They may specify regulations regarding pets, parking or use of the condominium and a plethora of other information.
While most records of the condominium association are available for inspection, some of the records may be closed. Often the records that are closed are designated by state law. Those records may include the owners of other condominiums, as well as matters related to race, gender, sexual orientation, or religion.
If your seller cannot supply you with a copy of the condo bylaws, they should be of public record. You may purchase or view a copy at the county recorder’s office. In addition, a title company should be able to provide you with a copy of the recorded documents. If you have already purchased the condominium, a copy of the bylaws should have been included with your title insurance.
Although purchasing a condominium is often less expensive than the purchase of a single family home, it may be much more complicated. Most state laws require that condominiums have a recorded set of condo bylaws before the first condo is built. These bylaws may be very complex and give strict limits of the rights of the condo owner. Make sure that you take time to read and understand these documents before you make a purchase.