Condo Declaration Posted on Dec 12, 2012
A condo’s declaration is the basic document that defines the legal agreement between the condo corporation and the individual condo owners. The declaration should provide a definition of the building’s shared spaces, individual unit’s boundaries, as well as the portion of the common expenses are owed by a given unit. The amount paid to common expenses may vary from unit to unit depending on size or placement in the building. The portion of the common expenses paid by the condo owner will make up a part of the monthly condo fee. The declaration also lays out any restrictions there may be on use of the building and use of the individual units such as whether tenants can have pets etc.
Declarations are different from building to building and are written in legalese, which can sometimes be a challenge, we always recommend that you have a lawyer take a look at them before committing to a building that may not be right for you.