Explain the rights of the owners and the association in a condominium ownership interest
What will be an ideal response?
In a condominium ownership interest, the owner acquires title to a "unit" within a building, along with an undivided interest in the land, buildings, and improvements of the "common areas" of the development. When the condominium is developed, a Declaration of Covenants, Conditions, and Restrictions (called CC&Rs) is filed. This document contains the architectural and use restrictions for the condominium development, assessments, and instructions for forming the condominium association that will manage the condominium. The association has the power, as provided in the CC&Rs, to levy assessments against the unit owners in order to manage, maintain, insure, repair, and replace the common areas. The association likewise has the authority to fine unit owners who do not comply with the CC&Rs.
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