A condominium is a form of property ownership governed by both state law and internal rules. The Georgia Condominium Act (GCA), along with the governing documents of the condominium, set forth the responsibilities and duties of the board of the condominium association. Some of these duties are shared with individual condominium owners and some are the sole responsibility of the association. Below is an overview of the major responsibilities of the board in managing and governing the condominium.
Maintenance and repair. Maintenance and repair duties are allocated to both the association and the individual property owners. According to the GCA, unless the condominium documents provide otherwise, each unit owner is responsible for the repair and maintenance of his individual unit while maintaining common areas is the duty of the association. In the case of “limited common elements,” which are areas shared by one or more owners but not all owners, the owners who utilize the facilities are responsible for maintaining those areas.
Managerial functions. The condominium association must obtain casualty insurance to cover the replacement value of all structural elements and common areas of the condominium. The association must also purchase liability insurance to cover personal injury, death or destruction to any common areas of the condominium. The association is obligated to keep accurate financial records of all transactions and maintain the minutes of the meetings. The governance duties of the association also include revising the articles of incorporation or bylaws, as provided in the formation documents.
Duties with respect to other members. The association has the power to approve or reject decisions related to the alteration of the appearance of individual units or other actions related to an owner’s property. Condominium associations can levy fines for noncompliance with usage rules relating to individual units.
Finances. The association manages all financial affairs. The association must collect fees from its owners, establish budgets, and use funds to make repairs to common areas. The association also has an obligation to other owners to ensure that all assessments are paid and to pursue legal action against owners who fail to pay their dues.
The experienced team of attorneys at the Law Offices of Mark Weinstein, P.C. can help you litigate your real estate claims. Contact Mark Weinstein and his colleagues at (770) 888-7707 or visit them at http://www.markweinsteinlaw.com to find out how they can advise you.