EXAMPLES:

CONDO DOCUMENT EXAMPLES:



Rules & Regs Rules and regulations of a typical condo association

The rules and regulations of an association are initially drawn up by the developer / builder and subsaquently updated and enforced once the condo units are sold and the association turned over to the elected group of individual owners who constitute the association board.

Association Budget Budget data / expenses of a condo association

The association budget is initially drawn up by the developer and is subsaquently updated by the board with the help of a management company, and then voted on by the association members / unit owners.

Bare in mind that at the time the developer draws up the budget, he may be relluctent to put the budget at a height that will discourage prospective unit buyers. If you think about it, you may be wise to consider that the condo fees will go up once the association members take over control of the association.

Condo Docs Decloration of Condominium, the rules by which the entire association is governed

The Condo Docs (Decloration of Condominium) is initially drawn up by the developer and is used to govern the actions of the board and association as a whole. These documents are initially approved by the state, county, and city in which the association is located, and these documents together with the states governing authorities determine the rules by which the association is governed.

One important note here, at the time older association documents were drawn up, it was written that a 2/3rds majority of the association members was required to change or ammend any of the provisions in the decloration. This particular provision is continually being change by associations because at the time it was thought that this was rule by the majority, but if you think about it, you could also say that it is rule by the minority since only 1 quarter of the association members could veto any change to the docs. Many associations have with a great deal of effort change this provision to a 50 percent plus one provision, a more equitable rule.