The full explanation
The owners make up an association that manages the money and the common areas, and you usually pay condo or homeowners association (HOA) fees separately from your mortgage payment. If you do not pay them, the association can pursue debt collection and even foreclosure. In Texas, condominium insurance covers your belongings and the interior of your unit.
An example
Lucía buys a condo in a building. The unit is hers, and she shares the hallways, the roof and the pool with the other owners. Each month she pays her mortgage and, separately, the association fee.
You will see it in…
- Listings that say condo or condominium
- Monthly association fees (HOA dues)
- The owners association's rules and budget
