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.
