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About Brickell Avenue
Condo
Homeowner Association
A
homeowners association (HOA), consisting of all the members,
manages the condominium through a board of directors elected by
the membership. The same concept exists under different names
depending on the jurisdiction, such as "unit title", "sectional
title", "commonhold," "strata council," or "tenant-owner's
association", "body corporate", "Owners Corporation",
"condominium corporation" or "condominium association." Another
variation of this concept is the "time share" although not all
time shares are condominiums, and not all time shares involve
actual ownership of (i.e., deeded title to) real property.
Condominiums may be found in both civil law and common law legal
systems as it is purely a creation of statute.
The Cosmopolitan,
a condominium in SingaporeThe description of the condominium
units and the common areas and any restrictions on their use is
established in a document commonly called a "Master Deed" (also
known as the "Enabling Declaration", the "Declaration of
Conditions", or the "Condominium Document") which authorizes a
board of directors to administer the condominium affairs and to
assess the owners for adequate maintenance. Rules of governance
are usually covered under a separate set of Bylaws which
generally govern the internal affairs of the condominium.
Condominium bylaws usually establish the responsibilities of the
owners' association; the voting procedures to be used at
association meetings; the qualifications, powers, and duties of
the board of directors; the powers and duties of the officers;
and the obligations of the owners with regard to assessments,
maintenance, and use of the units and common areas. Finally, a
set of Rules and Regulations providing specific details of
restrictions and conduct are established by the Board and are
more readily amendable than the Declaration or Bylaws. Typical
rules include mandatory maintenance fees (perhaps collected
monthly), pet restrictions, and color/design choices visible
from the exterior of the units. Generally, these sets of rules
and regulations are made available to residents and or as a
matter of public record via a condo or homeowners association
website, or through public files depending on the state and its
applicable laws. Condominiums are usually owned in fee simple
title, but can be owned in ways that other real estate can be
owned, such as title held in trust. In some jurisdictions, such
as Ontario, Canada or Hawaii USA, there are "leasehold
condominiums" where the development is built on leased land.
In general,
condominium unit owners can rent their home to tenants, similar
to renting out other real estate, although leasing rights may be
subject to conditions or restrictions set forth in the
declaration (such as a rental cap for the total number of units
in a community that can be leased at one time) or otherwise as
permitted by local law.
Brickell Avenue Miami
for Sale Rent
Brickell Avenue Condos |
