Living in Condominium (1)

What is a condominium?

A condominiumis a group of homes, offices, commercial buildings, and other formats, in which each unit has an owners, but also enjoy common areas to share and for the benefit of all owners. The spaces that belong to each owner are called private areas,andthe spaces that belong to all are called common areas.

Each condominium owner is responsible for their property, andeveryone is jointly responsible for the common areas. To maintain the good condition and enjoyment of all common areas,strategies, procedures, andregulations must be established.

For the purpose of this document, we will speak exclusively of residential condominiums, andthis will be the first of a series of articles that will guide us and inform us about what it is like to live in a condominium.

The main characteristic of a condominium is that, in addition to the municipal, state and other jurisdictional laws, it has an internal regulation to which all the residents of the condominium must adhere.

This internal regulation is defined for the first time when the condominium is formed,andthat can be modified over time, adapting to the needs that arise in the condominium. The internal regulations serve as a guide for daily coexistence and, above all, to resolve situations that may arise on a day-to-day basis among the condominium owners.

Are you familiar with your condominium regulations?

The regulation and all the decisions that concern the condominium are taken democratically by an internal organization called Board.

It would be a very extensive effort and document trying to cover in this document the Board definition, its characteristics, and responsibilities. So it gives us an opportunity for later articles. For the time being it is worth saying that this board usually meets once a year and under extraordinary situations extraordinary meetings are held when the situation warrants it.

To enable work fluidityand decision-making within a Board, a board of directorsand in many cases anadministratorappointed or ratified. They will be responsible for ensuring the proper functioning of the condominium, to solve problems that arise on a day-to-day basis and manage the available resources in the condominium.

In the next articles,we will cover in greater detail additional terms, responsibilities, obligations,andlimits of authority. We will also cover different subjects that concern residential condominiums.

Do you already know the rules of your condominium? If not, what are you watingfor to get familiar? If you do not have it, ask your administrator to give you a copy of it.

See you in the next article.

Hector Gonzalez

General Manager in Mexico and founding partner in Egon Solutions

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