The reserve of the association is the amount of money set aside each month for the long-term maintenance needs of the property. By setting aside the money in advance, the HOA should have sufficient funds in the future when the useful life of materials such as the roof need replacement.
The budget will also be included in the Condominium Documents when you sign the Purchase and Sales Contract. The Condominium Documents will include the Condominium Information and Offering Statement which includes the budget and assessments, Declaration, Articles of Incorporation, By-Laws and Rules and Regulations. The common elements (common areas) include part or parts of the condominium property as set forth in the declaration in which all the unit owners have an interest. These include, but not limited to, landscaping, hallways, parking and the grounds area.
Sales and ownership of condominiums in Alabama are currently generally subject to the provisions of Code of Alabama (1975), as amended, Sections 35-8A-101 – 35-8A-417 (sometimes referred to as the Alabama Uniform Condominium Act of 1991, as amended) and the developer intends to comply with all applicable provisions thereof. Please note that the information contained on this site is intended to only provide very limited and preliminary information concerning the development, the units comprising the development and the common area located therein. Much more detailed information will be contained in the Purchase and Sale Agreement and Condominium Documents, all of which you and/or your legal counsel should review very carefully.
