New Mexico Application to Condominium Association to make Alterations and/or Modifications to Condominium Unit and Indemnification Agreement
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FAQ
The association is responsible for the maintenance and replacement of all general common elements, and in the case of condos, there are many. General common elements, which are used by every unit owner, include sidewalks, elevators, roofs, lobbies and common hallways, and community amenities like pools.
Which of these condominium fees is NOT likely to be paid by a condominium owner? Stock-transfer fees.
Alongside individual ownership, you also enjoy shared ownership of common areas such as hallways, lobbies, elevators, swimming pools, and fitness centers. These shared areas are collectively maintained by the condominium association.
Unit owners ultimately pay for maintenance in common areas through their HOA dues and periodic assessments for major projects outside of the annual budget. Monies collected via dues are put into a reserve account fund that the association uses for the maintenance of the common areas.
An assessment is a fee billed to condo owners for major repairs or enhancements not covered by the regular condo fees. The assessment fee is generally based on the size of the unit. If all units are the same size, each owner will pay an equal assessment amount.