01
Definition of a condominium
Hallmark Condominium is a condominium association (“Association”). It means owning a condominium gives you an undivided interest in property held in common (common elements) with other owners plus a separate interest in a dwelling unit, while “apartment building” generally has a single owner who maintains the common facilities and the individual apartments, collects rent from the tenants to cover the building’s expenses, and makes all decisions regarding its operations and management. In a condominium community, each apartment unit is deeded and owned separately.
- Unit Owners – Unit Owner who own a single unit as their primary residence are referred to as owner resident (“Owner Occupant”, “Owner Resident”). Unit Owner who rent out one or more units to tenant(s) are referred to as absentee owner (“Absentee Owner”, “Landlord”) of the unit(s). Each Unit Owner (Owner Occupant or Absentee) is responsible for the maintenance within his/her own unit, including everything “wall-in”: drywalls, plumbing, wiring, radiators, appliances, fixtures and so on. Some Unit Owners who rent their units may employ the services of a realtor or a management agent (“Agent”) to handle the maintenance of their unit(s).
- Residents – Resident (“Resident”) who reside in a rented unit are referred to as tenant (“Tenant”). Hallmark Condominium has a mixture of both owner-occupied and rental units and, as a result, a diverse resident population from grad students, working professionals to elderly retirees.
02
Governance
Hallmark Condominium Trust, is the legal structure responsible for the overall operations and management of the common facilities, providing for such services as heat, water, garbage collection, repairs and cleaning of common areas, etc. Its operating income is derived from the condo fees which all Unit Owners must pay monthly. In Massachusetts, condominiums are governed by Massachusetts General Law Chapter 183A. Hallmark Condominium was established by a Master Deed and a Declaration of Trust, recorded on March 28th, 1980 in the Middlesex South County Registry of Deeds in Book 13938 page 259-309.
03
Condo Documents
A condominium becomes an organization upon the recording of the Master Deed, the Declaration of Trust, and the Rules & Regulations with the Massachusetts Registry of Deeds. The Hallmark Condominium was recorded with the Middlesex South County Registry of Deeds on recorded on March 28th, 1980 in Book 13938 page 259-309. Every Unit Owner was given a copy of the condominium documents at the time of purchase and it is recommended that each owner maintain a complete set of these documents.
04
The Board of Trustees
The By-Laws (Declaration of Trust) mandates the management of the property being regulated by an elected Board of Trustees. The members of the Board of Trustees are Unit Owners who, on a volunteer basis, act as the representatives of the Association, directing its administration and management for the business and financial welfare of the Condominium. They also have the authority and obligation to enforce the association’s By-Laws, Rules and Regulations to protect the property, safety and comfort of those in the community.
05
The Management Company
ActionVest Management Corp., a professional real-estate management firm, is retained by the Trustees to provide all aspects of the day-to-day operations at the Hallmark Condominium. ActionVest Management acts on behalf of and under the direction of the Board of Trustees. The Management Company does not set policy, but ensures that the policies of the Trust are carried out. The Management Company coordinates and supervises all building services for the common area including maintenance, cleaning, security, landscaping as well as special capital projects in the building to ensure the well-being of the property. The Management Company provides all accounting services to the property, including common area fee collection, ants payable, and financial reporting.
06
The Association
Unlike a Co-op or an Apartment, a condominium is governed by a community association. The condominium association, or COA, is composed of all member unit-owners. As a whole, they work together to maintain the value of the units and shared common elements. A condo association is under the direction of a board of trustees made up of unit-owners in the association.
Related Sections
Building 101
Unit 101
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