Understanding Condos. The Pros and Cons of Condominium Living.

Like many shore communities, Brigantine has a diversity of housing options ranging from beach bungalows to three story giants. One type of housing option popular in seasonal communities is the condominium.

Everyone is familiar with “condos” but ask someone not in the real estate industry to define exactly what a condominium is and how a condominium functions, and you likely with receive a broad range of answers.

A condominium refers to the form of ownership of real property under a master deed providing for ownership by one or more owners of units of improvements together with an undivided interest in common elements appurtenant to each such unit. This definition is taken directly from the N J.S.A 46:8B, or what is referred as the “Condominium Act.”

Typically, when you own a condominium unit, you own the air space in between the interior walls of your individual unit (usually spelled out in the master deed).

The master deed along with the by-laws, is the controlling document that governs how the entire condominium complex is managed.

An association and board comprised of unit owners make decisions con coming common elements, such as parking areas and shared lawns.

When taking condominium and HOA law while in law school, my professor exclaimed, ‘let me start off by saying that I will never own a condominium.’ While you might agree with my professor’s sentiment, condominiums are not all bad. For one, many condominiums offer amenities beyond what may be available for the same price, elsewhere in a given market.

A well managed condominium typically takes care of the many day-to- day finances and maintenance that would otherwise be the responsibility of the homeowner. These arc especially beneficial to second home owners and are desirable in a market like Brigantine

However, all is not sunshine and daisies. In Condos 102, I will talk more about the ways in which condominiums can be problematic for associations and owners alike.

Disclaimer: This column does not purport to offer legal advice. You should contact an attorney at law for legal advice specific to your matter.

Law Offices of Ralph Paul Busco
Brigantine, NJ
609-266-0900
609-515-0530
rpbusco@briglawyer.com

 

  • Bob Tuvock says:

    I don’t like condos
    I like single family homes with nice decks and yards