Whether you already live in a condominium, or if you are in the process of forming one or moving into one, these concepts will help you better understand how it works.
What is a condominium?
It consists of the situation in which the property of a thing is shared by two or more people, which according to its structure, can be classified as: Vertical condominium ( multilevel building on common land with privately owned units and land rights) co-ownership ), horizontal condominium ( that is where the owner has the exclusive right to use his land and owns the building in it ) and mixed condominium ( consists of vertical and horizontal condominiums ).
What is a condominium owner?
Physical or moral person, owner of one or more privately owned units and, for the purposes of the Law in condominium property and its Regulations, to which it has entered into a contract under which, if fulfilled in its terms, it becomes owner under the property regime in condominium.
What is an assembly?
Maximum decision organ of a condominium, integrated by the majority of the condominium owners, in which the matters of common interest will be solved, with respect to the condominium.
What is an administrator?
The administrator of the condominium is in charge of giving certainty in the effective management of money and resources of the condominium. The administrator of the condominium or real estate is in charge not only of the financial resources (income and expenses) but also of the real estate and material resources that the condominium has.
What are the functions of the condominium administrator?
Attend suggestions, complaints and doubts.
Inform what is happening, what is going to happen, when and why.
Encourage good coexistence, tranquility, security, healthy interaction.
Facilitate the life of the condo or resident, the work of the administration of the condominium or property.
Measure user satisfaction, preferences of the majority.
What is a general assembly?
It is the maximum body of the condominium, which is the highest instance in the decision-making held in the terms of this Law, its Regulations, Articles of Incorporation and Internal Regulations, are expressed and discuss matters of self-interest and common interest. They are divided into ordinary and extraordinary.
What is an ordinary general assembly?
Are those assemblies that will be held at least once a year, where the administration must provide a documented account of its management for the last twelve months and they can deal with any issue related to the interests of the co-owners and adopt the corresponding agreements , except those that are the subject of extraordinary sessions .
What is an extraordinary general assembly?
They will take place whenever the needs of the condominium so demand, or at the request of the Administration Committee or of the co-owners that represent, at least, fifteen percent of the rights in the condominium, and in them only the topics included in the condominium can be treated. the citation.
What is the Regime in Condominium Property?
It is the formal legal act that the owner or owners of a property, will implement before a Notary Public declaring their willingness to establish this type of property for their best use.
What is the use of common goods?
All the occupants of the condominium must use all the common goods, the green areas and enjoy the services and general facilities, according to their nature and destination, without restricting or making more burdensome the rights of others, otherwise the sanctions will be applied provided in this Law.
What is an internal regulation?
It is the instrument that regulates the use of common areas and establishes the bases of healthy coexistence within the condominium, which complements and specifies the provisions of the Condominium Property Law according to the characteristics of each condominium.
Definition of maintenance fee
Annual contribution assigned to each unit of apartment, which will be paid in monthly installments, to cover administrative expenses and other common elements of the Condominium.