Finance – Article Flash

Condo ownership can be complex considering the type of relationships among the unit owners and the owners association. Ohio residents who own this type of property or are interested in owning this type of property should be informed of the Ohio condominium law. It lets them know their rights and proper definitions related to all aspects of condo ownership.

The legal definition of a condominium is real property with each unit being possessed by a particular owner. All of the owners have an undivided interest in the common areas. Some common areas are composed of recreational facilities, the roads, gym and a pool. All of the owners and tenants have the right to use those facilities and access those areas. Each person has exclusive possession and use of his or her individual unit. The board of directors has the authority to grant a third party permission to enter the individual units under certain circumstances. This authority is usually utilized if the board believes entering the unit is necessary to protect public safety or to prevent major damage to the premises.

Since the owners can all access and utilize the common areas, they are all equally responsible for financing the maintenance and security of those areas. Unit owners have an undivided interest in those common areas. Common expenses include legal and administration fees, maintenance, and repairs for the recreational areas, landscaping of the grounds and the roads.

The condo’s association is comprised of a board of directors who each have a distinct role. The association is responsible for the administration of the land. People eligible for board positions are the unit owners and their spouses. If a unit is owned by a company, corporation or partnership, an individual from the company can sit on the board. Unit owners have a vote during electoral proceedings and a right to be present at the meetings. The bylaws govern the authority of the association, and describe how the operation of the property shall be handled.

According to the laws, the board has the authority to settle, compromise or intervene in any disputes between unit owners that affect the property. They are also in charge of regulating the occupancy of the units, how they are used and their appearance. If an owner is having problems with other owners, disputes any fines assessed against him or has issues with the way the property is being managed, it is best to review the bylaws. The bylaws will reflect how any of those issues are handled within the community.

When the owner believes that his rights are not being protected or that an issue is not being properly addressed, he can reference the Ohio Condominium Act. The act is a comprehensive listing of definitions and rights associated with condo ownership and tenancy. A consultation can be set up with a real estate attorney to discuss any legal issues and how they can be resolved.

Knowing as much as possible about the condo laws prior to becoming an owner can be an important factor in deciding if this is the type of real property ownership most suitable for you. If you are currently an owner, it is beneficial to know your rights and the proper way to address any issues that may occur.

It’s of utmost importance for Ohio residents that live or own a condo to fully comprehend Ohio Condominium Law thoroughly. Get the low down now in our overview of the best Ohio Condo Lawyer .