The term condominium, condo for short, is a commonly misunderstood word. A condo describes a method of owning real estate, not a particular style of building. A single condo is one housing unit within a larger complex of units, and a condominium complex is used to describe the collection of all units within the same development. The type of unit could be an apartment, a townhouse (which is sometimes referred to as a row house), or any other multi-unit property. When you buy a condo, what you actually own is the inside of the unit itself; all unit owners own everything outside of their unit, proportionately and collectively. For example, you as an owner of a unit and all the other unit owners collectively own hallways, stairs, pools, recreation centers, grass areas, etc. Since all unit owners collectively own anything that is outside of the individual units, all owners must provide funds to mai buy cplex-60 ntain these common elements. In most communities, owners elect members from their ranks to form a Condominium Association (CA), whose charter is to establish a budget, collect dues from unit owners, manage the repair and maintenance of common elements, and to oversee the affairs of the community. Many CAs hire Property Managers to undertake these functions, but the responsibility and accountability remains with the CA. The Condominium Association is responsible for determining the amount of money needed to manage the affairs of the community. In addition, the CA must maintain sufficient funds in reserve to address any emergency costs and to prepare for larger maintenance projects that occur less frequently (e.g. replace all roofs in the community). Based on anticipated expenses and the need for reserve funds, the CA sets the amount of the monthly “condo fee,” which must be paid by all unit owners.