Definition
The HOA for a condo building that manages the entire structure, building systems, and common areas. Condo associations are more involved in building maintenance than traditional HOAs because they control the entire building.
Where you’ll meet it
Is this association healthy, or a special assessment waiting to happen?
See it in Buying a condo or townhome · Step 2About this term
Condo associations function like HOAs but specific to condo communities. Associations are typically more involved in building maintenance since they control shared building systems (roofs, electrical, plumbing). Condo communities have detailed governing documents (declarations, bylaws, rules).
Pro Tip
Condo associations make bigger financial decisions. Review their financial health and reserve funding even more carefully than traditional HOAs.
Example
A 100-unit condo association maintains the building structure, roof, exterior, parking, and recreation facilities for all owners