- In this video we talk about the difference between a homeowner
association and a condo board – what applies and what fees you have to pay.
That's starting right now.
Welcome to Homebuyer's School brought
to you by Brookfield Residential.
- Hi everyone, Karl here and welcome to another Homebuyer's School video, a
channel where you get the latest strategies tactics and tips from home
buying experts. And remember if this is your first time on this channel and you
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below, hit the little notification bell so you don't miss anything. Today I'm
joined by Heather Cockerline, live community experience lead with
Brookfield Residential. And today we're going to talk about what is the difference
between a homeowners association and a condo board.
So Heather, what is that difference?
- It's completely different. They're very different so if you've
watched the other videos, homeowners association is for the benefit of
everybody in the entire community.
- I'm going to stop you there, make sure to watch
our videos on homeowners associations part 1 and part 2. I'll link it up above
and I'll link it up in the description below.
- Yeah so everything in a
homeowner's association like I said, has to do with the entire community, bringing
community together. Where is a condo fee is about a specific building within
the community and we have no control over that so the condo fees are to pay
for specific items within that building itself so maybe that's things that have
to do with the lobby improvements, to the lobby, or the roof, or the elevator, if
they have a recreation centre within that building. So that's where the condo
fees come into play.
- Let's say I moved into a brand new condo in a brand new community, does
that mean I have to pay both a condo fee and a homeowner association fee?
- Yes, so there's an HOA fee as an encumbrance on your title. So
as an owner of a unit in a condominium complex you would be charged both the
HOA fee to enjoy all of the amenities throughout the community and then a
condo fee which is what would take care of lobby or the elevators,
or if a new roof needed to be put onto— your onto your condo.
- Got it. And remember if you want to know more about
condo fees, watch our video above and in the description below. So I guess it kind
of—it depends on the community and it depends on the building right?
- Exactly.
and is it the same—I remember when we talked last,
if you brought in—if you have a tenant in your home and homeowner
association, they I think they would you transfer memberships. Is it sort of—
does it complicate the matter if you let's say, you don't live in the condo—
you've rented that condo out and it's the same thing with HOA, it's like it's
kind of two different things right. Would they belong to—is it your responsibility
or the actual tenants responsibility?
- That would be between I think, the owner
and the tenants. But because the encumbrance is on the
title, as long as the fees have been paid on that condo unit, the tenant would be
able to utilize all the facilities.
- Got it—got it. And one last question in terms of facilities,
let's say the condo itself has let's say, a swimming pool inside and then
would that be considered part of the HOA or no it would be considered—? So it
wouldn't. So it's a facility, wouldn't you consider it would be a facility in the
community but it's only for that condo?
- That's right, yeah. So that's what their condo fees paid for.
- Do you have anything else to add?
- Nope.
- Awesome. Well thank you
very much for joining us and remember, if you enjoyed this video or found it
helpful, hit the thumbs up button below, remember to comment, and remember to
subscribe, and we'll catch you next time.
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