13th July 2008

Define: Condominium

posted in Albuquerque NM Real Estate, Real Estate Terms |
Define: Earnest Money

                          Condominium : A system of ownership of individual units in a multi-unit structure, combined with joint ownership of commonly used property (sidewalks, hallways, stairs, etc.).

 

Simply stated…You own your unit and a percentage of the common areas.

 

An HOA (Home Owners Association) fee is usually collected monthly to cover maintenance costs of the common areas as well as the exterior building. Additional costs, such as all utilities, may also be included. Before purchasing a condo, be sure you understand all costs included in the HOA fees. HOA fees can add up to several hundred dollars a month!

 

View the most complete up-to-date list of condos for sale in Albuquerque

 

For brief definitions of other terms, visit my Real Estate Glossary.

 

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For Albuquerque real estate information contact:

Ashley Drake Gephart, Associate Broker, REALTOR®
Keller Williams Realty

Direct: 505.261.0389
Email Ashley

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This entry was posted on Sunday, July 13th, 2008 at 2:52 pm and is filed under Albuquerque NM Real Estate, Real Estate Terms. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

There are currently 3 responses to “Define: Condominium”

Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

  1. 1 On July 14th, 2008, Joe said:

    Awesome! Those are some great condos!

  2. 2 On July 14th, 2008, Tucson Real Estate Michael said:

    Yes some HOA’s here in Tucson Arizona run over $100/mo and from what I have seen the homes around that section sell for a little more due to the fact that the HOA must be included in an owners monthly expenses. So look into what the exact monthly expenses are prior to making a purchase sometimes it can be an eye opener.

  3. 3 On September 22nd, 2008, Log Home Builders said:

    Having definitions on your website really does add some value. It is some good reading for visitors and a good resource to constantly have.

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