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Buying a condominium or cooperative property offers a unique form of homeownership, blending private ownership of your unit with collective responsibility for the common areas. However, navigating the condo document review can be complex, particularly when it comes to understanding the governing documents and financial health of the community association. 

If you purchase a home in a condo complex, cooperative or HOA, you become a member of the condominium or homeowners association. As a member of the association, you are required to pay association fees and abide by the rules created by the association.