Final answer:
Condo and co-op owners receive various documents related to their ownership and the management of the property.
Step-by-step explanation:
Condo and co-op owners receive various documents related to their ownership and the management of the property. Some of the common documents include:
- Ownership documents: These include the purchase agreement, deed, and title documents that establish the owner's legal rights to the property.
- Association documents: Condo owners receive documents such as the bylaws, rules and regulations, and financial statements of the homeowners association.
- Maintenance and assessment documents: Owners are usually provided with documents outlining the responsibilities and costs associated with maintaining and repairing common areas and structures.
- Insurance documents: Owners may receive insurance policies for the property, including personal property insurance and liability insurance.
These documents are important for understanding the rights, responsibilities, and financial obligations of condo and co-op ownership.