Laws governing condominiums and other forms of common-interest property ownership associations vary by individual organization and state, explains FindLaw. Certain federal laws, such as the Americans with Disabilities Act, the Internal Revenue Code and the Spa Safety Act, also apply in the management of condominiums, says HOA-USA.Continue Reading
Condominiums are the most prevalent form of common-interest property ownership organizations, notes FindLaw. The legal structuring of these associations allows for individual ownership of specified sections of a particular property, such as apartments in a multi-unit building, while maintaining joint ownership of common areas such as exterior grounds and hallways. For this reason, individual units in a condominium can have separate titles and mortgages.
These associations are typically created through a condominium declaration, states FindLaw. The declaration generally contains a description of the units and common areas and also details restrictions applying to property use, such as occupancy limits. Condominium associations, composed of individual unit owners, oversee these organizations. Among other roles, they collect maintenance fees and others dues, manage common areas and enforce rules.
Apart from the rules specified in condominium declarations, these associations are also regulated by relevant state laws, according to FindLaw. For instance, Alabama partly regulates condominiums and other common-interest property ownership associations through the nonprofit corporation statutes, explains HOA-USA.Learn more about Law