When purchasing a condo, one of the most important things to take into consideration are the monthly homeowner association assessments or maintenance fees. These fees are paid by unit owners in order to cover the cost of the building's amenities, maintenance, insurance, etc... It is important to understand the health of the condo association as well as provisions in the condo documents as they may lead to increases in HOA fees in the future.
A condo association is designed to operate as a not for profit corporation charged with the task of operating the building. The association elects a board of directors to run the corporation and serve as the building's administrative contact.
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