Owning a condo

Owning a Condominium is a unique form of property ownership. While you own your own unit, you also are part owner of all common areas of the property. In the case of Tuscany Condominiums, that common property includes the pool, and docks among other amenities.

The key to understanding the specialized aspects of condo ownership is understanding terms that define your rights and responsibilities. Here are some terms you'll want to be familiar with:

Assessments: A monthly fee paid by the owner of each condominium. This fee covers the cost of operating and maintaining the common areas and facilities mentioned above. Those costs include snow removal, lawn care, pool maintenance, and parking facilities.

Association: All condo owners are automatically members of Tuscany Condominium Home Owners' Association. This organization determines the bylaws, restrictions, and responsibilities for property owners. Each of the three villages at Tuscany will have their own home owners’ association.

Board of Directors: This is the ruling body of the Tuscany Condominium Home Owners' Association, elected by the members.

Bylaws: These are a system of rules and regulations which govern the administration of the association and spell out procedures for maintenance, fee collection, and other matters.

Common areas: These areas of the development are owned jointly by all property owners. They include the pool, the land on which the buildings stand, docks, lawns, and parking facilities. Stairways, entranceways, and the like are owned by a small number of owners and are called limited common areas.

Declaration: This document carefully defines all bylaws, ownership rights, and use restrictions in the development. It also details individual owner's share of common areas and responsibility associated with maintenance of those common areas.

Condominium bylaws and agreements can be complex. Be sure you read these documents carefully and that you understand everything in them. Once you fully understand your rights and responsibilities as a condominium owner, you will be ready to enjoy your new home