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June 15, 2007, Newsletter Issue #34: Covenants, Conditions, And Restrictions (CC&Rs) Of Condo Living
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Tip of the Week
A condominium complex has multiple owners who own separate areas individually, and common areas collectively. Decisions about common areas are made by the homeowner's association (HOA) or it's board of directors. Condos have covenants, conditions and restrictions (CC&Rs), which govern everything from the elections of HOA officers to the allocation of parking spaces. Condominium landlords should give their tenants a copy of the CC&Rs for reference and tenants should take the time to read the CC&Rs and ask for clarification of any rules they don't understand. Condo rental agreements should also have a paragraph stipulating that the tenant has been given the CC&Rs, and agrees to abide by them, and will be financially responsible for any fines levied against the owner as a result of the tenant's actions. If you are renting a condo, make sure you get to read the CC&Rs before signing the lease.
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