Public Offering Statement (POS):
The Public Offering Statement is a document that is not a standalone document. It does not reflect what the parties are bound to. It merely provides a baseline for the future operations of the community.
A Condominium is a form of housing where a specified part of a piece of real estate is individually owner, while the use of and access to common facilities (e.g. hallways, heating systems, elevators, exterior area, driveways) is allowed under the legal rights associated with the individual ownership, but controlled by the association of owners that jointly represent ownership of the whole piece.
Planned Unit Development (PUD):
A planned unit development is the clustering of residential land including public and common open space. In a PUD the property owner owns the structure and designated lot.
The act of taking one large parcel of land, and breaking it down into individual parcels for home building.
A recorded document that governs the association, in which the Board of Directors follows.
The By-Laws are document which establishes the administrative functions of the community.
Rules & Regulations:
A document created by the Board of Directors derived from the declaration to also include newly adopted rules during a board’s term in office.
Board of Directors:
Residents who are elected by their neighbors, at the meeting of the Association, who are held responsible for governing the Association through the Declarations.
Homeowners’ responsibility to pay a share of common expenses, usually per-unit or may be based on square footage. These expenses generally arise from common property, which varies dramatically depending on the association.
A special assessment is assessed by the Board of Directors for emergency expenses that are incurred outside the scope of the regular budget.
This information is solely meant to provide a better understanding of communal living terms.