Hello again,
today I want to talk about the two parts that that make up a "condominium". The first is the UNITS which are owned/registered by the purchaser. The second part are the COMMON elements, otherwise known as the common areas that all the residents share. Examples would include the lobby, halls, elevators, rec rooms... Ownership of the COMMON elements is shared amongst all the unit owners who contribute via condo fees for the operation, maintenance & ongoing replacement of the elements. When purchasing a condo it's important to be aware of what's your sole responsiblility & what's a collective responsiblility. Your condo fees will reflect a building that may have an exercise room or a party room. If these COMMON elements are of no interest to you, best to search in another building where the condo fees don't include such extensive common areas.
Fiorina
