Rental Pool Arrangements
A condominium is a type of real estate involving two kinds of ownership: a living space and a common space. The living space may be owned and occupied by individuals (residential condominium) or by businesses (commercial condominium). The common space—the hallways, laundry room, and exterior grounds—is owned in common by all the owners of the living spaces. The living space cannot be bought or sold apart from the common space.
Condominiums are managed by an owners’ association, comprised of the owners of the housing units. The owners’ association makes and enforces the rules, manages the common areas, and collects dues and maintenance fees. Most states require that the association be formed as a profit or non-profit corporation.
Condominium owners sometimes wish to make their living spaces available for rent when they are not occupying their units. A rental pool arrangement is a contract in which condominium owners make their units available for rent by a common property manager (often an affiliate