As a condominium owner, you have certain rights and responsibilities. Some rights include: Taking care of the property, having a say in board meetings, and adequate notice of upcoming board meetings. Other rights and responsibilities include: Managing the condominium’s finances. Read on for a detailed overview of these rights and responsibilities. Here are the most important ones:
Taking care of the property
Taking care of the property as a condo owner requires a bit of maintenance on your part. The rules and regulations of the association will often cover issues such as exterior repairs, lawn care, and failing appliances. It may also include visible decor regulations. Depending on the association, some will be very lenient, while others will be rigorous. Read the bylaws carefully to ensure you know what is expected of you based on condominium law Fairfax County, VA.
For the most part, you own only the property’s interior, and you do not own the exterior. While a single-family home has its boundary wall, a condominium is built on a shared space, and all owners share the maintenance costs. So, in addition to your responsibility for upkeep, you’ll have to take care of shared amenities such as pools, gyms, and tennis courts.
Adequate notice of upcoming board meetings
Proper written notice of upcoming board meetings must be provided to all unit owners of the condominium. The notice must identify all agenda items and be posted at least 48 hours in advance. The board of directors must address any item of business within 60 days after the notice is received. After that, a special meeting can be called to address the item, but it must be ratified at the next regular meeting.
The notice must include a copy of the minutes of the previous meeting. If the developer dominates the board, it may limit assessment requests to 115 percent of the last fiscal year. Otherwise, only matters described in the notice can be discussed at a special meeting. The notice must also state the purpose of the meeting. The notice must also state whether any of the owners will be absent.
Right to speak at board meetings
Although the Condominium Act, HOA Act, and Cooperative Act are all written in the same language, homeowner associations’ rules differ. Generally, condominium associations are required to have open meetings, and the Right to Speak at Board Meetings is one of them. The right to speak at meetings does not mean that you can speak at any time. Sometimes, the board may choose to mute or disable chat or open certain items to the floor for owner comment.
As a condo owner, you have a right to speak at board meetings. You can ask questions, comment, and share your thoughts about any issues discussed at the meeting. While you should not take control of the meeting, having the right to speak is vital. You should be able to speak for at least three minutes and have a chance to make your voice heard. By doing so, you can make sure that the board meets efficiently.
Managing finances of a condominium
Managing the finances of a condominium is similar to managing a small town. Condominiums typically have a board of directors, which the condominium owners elect. These individuals share fiduciary responsibility for the community’s common goals, including financial stability. Managing the finances of a condominium involves a lot of planning, and it is best to seek the advice of an experienced real estate attorney.
As a board member, you must know your responsibilities and limitations. First, you should ensure that you clearly understand what your dues are intended to cover. You should understand the importance of reserve studies to keep your association’s finances in order. They will help you stay accountable to the community and report financial transparency. Additionally, a reserve study should show where a homeowner’s dues are going after the condo management fees.
