Anyone thinking about going into condominium property management must be aware of the real estate laws in the state, county and city in which the property lies. Most people who work in the field have a four year degree in a related field or a real estate license issues by the state in which they practice.
It is essential to know the law when it comes to condominiums in the state in which you are in if you are to work in condominium property management. The laws of the state must be adhered to or the association can face a lawsuit.
A condominium declaration form is that which formally decrees the existence of the condominium association. In most states, all condominiums must have an association that is set up by the builder. This early association takes on the task of condominium property management until the condominium owners can get together and elect their officials.
The condominium declaration is recorded as a matter of record against the property. It is important for anyone in condominium property management to be familiar with this document. This will state how many units are involved in the association as well as the size of the building. A legal description, which is the legal address of the building, is also attached to this form.
In addition to the declaration, teams must be familiar with bylaws of the association. These are also recorded on the property after the declaration. They state the bylaws of the association as decided by those within the association. These can be amended from time to time. They will usually state any rules that the condominium association has for those who live within the association. Some common rules may restrict changing the exterior appearance of the building or unit, number or type of pet allowed in the unit, number of vehicles each tenant may park in the parking lot, etc. Anyone in condominium property management must be familiar with these laws, especially when it comes to someone selling their property to another.
Most condominium bylaws allow the right of first refusal for the association if anyone puts their unit up for sale. Condominium property management personnel must be familiar with the right of first refusal and be aware just what rights are afforded to the association. In most cases, the board has the right to purchase any unit within the association over and above any buyer, provided that they pay the same price as a willing buyer. If they do not act, the condominium property management team will be asked to provided a release of right of first refusal to the prospective buyer. Anyone who is working in condominium property management must know the difference between the right of first refusal and approval rights of buyers. In some cases, the association has the right to interview any prospective buyers.
Condominium property management can be a lucrative field in which to study. If you are interested in real estate, you should take courses in real estate law and learn as much as you can about the condominium laws in your state. Most companies that hire individuals for condominium property management will look for people with experience over education, as they will want someone who is willing to jump right in and take over the management of a particular association.
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