Everything You Need To Know About Condo Documents
Hi friends,
Did you just buy a condo? Are you overwhelmed by the seemingly endless pile of governing documents? We get it, there’s a lot to unpack! (In addition to all your boxes.) Don’t worry, we can help you sift through and understand all the dense information you’ve just received from your new condo association.
First of all, what are governing documents?
Glad you asked! Governing documents are a set of legal documents that outline the rules, regulations, and procedures for a condo association. They are established to govern the relationship between the association and its members, as well as to define the rights and responsibilities of each party.
Here are the condo documents you’re most likely to run into:
The Declaration of Condominium
This document creates the condominium and establishes the legal boundaries of the individual units and common areas. It also outlines the rights and obligations of the unit owners, such as the payment of assessments, the use of common areas, and the maintenance responsibilities.
Bylaws
The bylaws govern the internal affairs of the association, including the election and duties of the board of directors, the process for conducting meetings and voting, and the powers and responsibilities of the association as a whole.
Rules and Regulations
These documents are typically created by the board of directors to provide more detailed guidelines and restrictions for the use of the common areas and facilities, as well as the conduct of the unit owners and residents.
Articles of Incorporation
This document establishes the association as a legal entity and defines its purpose and structure.
Resolutions and Policies
These are additional documents that the board of directors may adopt to address specific issues or situations that are not covered by the other governing documents.
It’s important to have a solid understanding of the purpose and function of condo documents as a new owner. Failure to comply can result in tricky legal and financial consequences, as well as conflicts amongst unit owners and the association. Yikes! Luckily you should be all set and ready for life as a condo owner now–congratulations and best of luck.
Until next time,
The BRIGS Team