According to the Boston Herald, condo sales are up in Boston from a year ago. A total of 2.085 condos changed ownership in June which is up from the 1,634 sales in June 2009. The average price of a condo went up to $287,000 in June. This is a 4 percent rise from the June 2009 median price of condos which was $275,000.
While this is certainly exciting news in the Boston real estate market, it has many average buyers asking their Boston real estate attorney:
What Exactly Is A Condo?
A condo, which is formally known as a condominium, offers the same advantages of home ownership. The main exception is that the development is managed by an "association," which acts in a manner that is similar to a coop's board of directors. This means that condo owners share ownership of common areas such as hallways, recreation rooms, the lobby, and courtyards. The association works to ensure that these areas are in good repair.
How Are Condos Sold?
A Boston real estate lawyer will tell you that condos are sold the same way houses are sold. This includes securing a mortgage, signing a deed, etc. However, your Boston real estate attorney will tell you that your deed does not grant the same level of ownership like a house. Essentially, all a condo owner owns is the air space in a unit. This means that while a condo owner can renovate his or her unit, they can't make repairs or renovations on any exteriors.
What Does A Condo Typically Look Like?
A condo can take many shapes and sizes. Typically, it looks like a regular apartment or townhouse complex. However, just be aware that some condo communities can offer actual houses that stand alone. The difference is that the owners just own the airspace inside the home; the property outside is managed by the association.
While this is just an introduction about condos, there is a lot more to learn. If you want to purchase a condo, it may be helpful to call a Boston real estate attorney. An attorney can go into the specifics of what rights condo owners have and what falls within the realm of a condo association.
Related Resources:
- Tips for Buying a Condo or Co-Op (FindLaw)
- Talk To A Boston Real Estate Lawyer (FindLaw)
- Sample Condominium Agreement (FindLaw)
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