Condos

Condominiums (Condos). You own your unit (the interior air space) in Fee Simple. You get a Deed, just like a house. You also own an Undivided Interest in the "Common Elements" (the pool, the lobby, the elevators, the roof). Everyone owns these shared spaces together.When you sell a condo, you must provide a massive stack of paper. You need to know what these do:Declaration of Condominium: The most important document. It creates the condo. It describes the units and the common elements.Articles of Incorporation: This creates the Condo Association (the non-profit company that runs the building).Bylaws: The operational rulebook. (How do we elect the President? When are the meetings?).FAQ (Frequently Asked Questions): A cheat sheet required by Florida law. It answers: "How much is HOA?", "Are there pet restrictions?", and "Is there a waiting list for parking?"