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On the surface, condos may appear to be no different than other homes or apartments. But the legal definition of a condominium is significantly different from that of a typical single-family home, and buyers should be aware of these differences before buying a condo.

The main distinction is that unlike an ordinary home – where you own the whole property and have full responsibility and control of everything on it – a condo is owned in partnership with other homeowners in the condo project. Buying a condo means you own your living space, but other “common areas” are shared by all of the different residents. The responsibility for those common features – which may include the parking lot, the landscaping, the outside of the building, the roof, and the central heating and air conditioning system – is also shared by each owner.

The specific legal and financial obligations of each owner are spelled out in documents and minutes of meetings created by the Condo Association or Homeowner’s Association. For instance, there may be rules pertaining to all sorts of details, even including whether or not you can park extras cars on the property, whether you are allowed to rent out your unit to someone else, or whether it is okay to change the paint color of your unit. Before buying a condo, review all important ownership related documents to find out such things as how much your share of the maintenance fees is, how much money is set aside for making necessary repairs, and who is responsible for services such as upkeep of the buildings.

Because these documents can be long, complex, and filled with legal language it is a good idea to have a qualified real estate attorney review them before you sign a purchase agreement or deposit any money to buy a condo. But while they may be complicated, they are also intended to protect you and your legal and financial rights as the owner of a condominium.

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