definition
strict definition
residential condominium association
A group of unit owners acting as the common owner of a building or complex.
A residential condominium association is a group of unit owners which acts as the effective owner of an entire condominium building or complex. The association is generally responsible for setting and interpreting policy, and is also in charge of all common areas.
The individual owners keep their unit interests while the association acts collectively for the building or complex. Control of common areas does not make those areas part of one owner's private unit.
A separately hired property manager can provide daily services. Employing that manager does not replace the association's collective ownership and policy role.
Related definitions
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client
The owner of a structure's original construction project, retaining that role after any later sale. -
developer
The company, person, or organization which directs the planning and construction of a built object. -
donor
The person or organization that most recently donated a built object to its current holder. -
housing cooperative
A membership-based entity set up for collective ownership of multi-unit residential properties. -
master plan developer
A company which organizes the overall development scheme for a multi-parcel site. -
owner
The person or entity with a legally recognized ownership claim to all or part of an object. -
owner of landed property
The owner of the land on which a built object is placed, independently of the object itself. -
owner's surrogate
An agent who executes a property owner's responsibilities and acts on the owner's behalf. -
parking management
The person or organization responsible for parking services and related operations at a site. -
property management
The person or organization overseeing site operations and providing tenant services for a property. -
real estate agent
A firm which sells or leases real estate to purchasers and prospective tenants. -
real estate association
An organization to promote common causes among various enrolled property firms. -
residence provider
An organization renting or leasing residential units cooperatively, often with a property-management role. -
tenant
The person, organization, or other entity occupying a space on an extended, continuing basis.