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These include the rules for parking, pet regulations, and how to authorize modifications to your unit. When you purchase the property, make sure that your contract includes an Addendum to the Condominium Association that allows you to obtain an overview of the condominium’s rules and financial statements of the association. You can review with the option of canceling when you find something that you do not like (the period is three days for a unit that is resold and 15 days for a brand new unit). Condo complexes constructed or converted from apartments during the period 2004-2007 should be viewed carefully. These newer complexes are more likely to be in foreclosure than older complexes with a more established history that are in better financial standing.
In certain cases, the land that the complex is on is not owned by the association or condo owners but is leased to the entity or person that owns the land. Common areas are those areas that are accessible and may be used by all condo owners. Be aware of any financial or legal issues that joker123 could impact you in the future. Villas are usually one-story structures with additional villas to one or more sides, but no upper or lower level differentiates them from condos. In general, you will find three categories when you start exploring condo listings. Condos are typically one-story units within multi-story buildings with other condos on one or more sides, and as well as below and above.