Most coastal developments are sold under a condominium regime. The buyer acquires a private unit and an undivided share of the common areas — and, with it, membership in the body that governs them.
You are not only buying a unit. You are joining a government.
The Rules Bind You
A condominium is governed by its constitutive deed, its by-laws, and its rules and regulations. A buyer agrees to abide by them — which is precisely why they must be obtained, read, and approved before signing, and incorporated into the purchase agreement, not discovered afterward.
Administration and Oversight
The regime is run by an administrator or board, accountable to the assembly of owners. Sound governance includes a vigilance committee drawn from the owners, orderly accounting, and periodic independent review — safeguards that protect both the value of each unit and the relations among owners.
When Conflict Arises
Disputes over accounting, common charges, governance, or documentation are common where records are poorly kept. Owners are far better positioned when their representation, documents, and accounting were put in order at the outset than when they are reconstructed amid a conflict.
The quality of a development is read not only in its finishes, but in its governance.