This page attempts to clarify some aspects of condo ownership that many new buyers and residents should understand. We address the following questions:
What is a Condominium?
What is a Homowner’s Association?
What covenants and rules apply?
What assessments apply?
What do these assessments cover?
What is a condominium?
The difference between a condominium and an apartment, townhome, or house is purely legal: there is no way to know a condo from any other type of home simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold as individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants). Woodbridge at Eagle Harbor is a townhome condominium.
Woodbridge condominium is a collection of connected units along with the land upon which they sit. Individual home ownership within the condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the drywall surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group–-it may not have ownership itself.
Common property in Woodbridge is held in trust by the Woodbridge Condominium Owner’s Association (COA) which is controlled by a Board of Directors elected by the individual owners. This common property is referred to as either limited common elements or as common elements. Limited common elements are so-called because they are designated for use only by the homeowner whose residence is served by them. Examples include enclosed yards, driveways, porches, and patios. Generally, the homeowner is responsible for the maintenance and repair of limited common property. The Woodbridge COA is responsible for the maintenance and repair of the other common elements, insuring them, and maintaining a contingency reserve to cover major expenses that might not be otherwise covered. The COA also controls the exterior appearance of the buildings and the common areas by establishing and enforcing a set of covenants and rules designed to maintain an attractive and safe community. The COA relies on regular assessments and special assessments to cover the cost of its activities.
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What is a Homeowners Association ?
A homeowners' association (HOA) is a legal entity created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. It allows the municipality to increase its tax base, but reduce the amount of services it would ordinarily have to provide to non-homeowners association developments. HOA’s typically have responsibilities similar to COA’s, and also rely on regular and special assessments. Woodbridge is a part of the Eagle Harbor community and as such Woodbridge owners also belong to the Eagle Harbor Homeowner’s association.
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What covenants and rules are applicable?
Homeowners at Woodbridge are subject to the covenants and rules for both the Woodbridge COA and the Eagle Harbor HOA. Prospective homeowners should receive copies of both sets of covenants and rules in a disclosure package and review them prior to finalizing purchase as failure to comply may result in fines or other legal actions.
What assessments are applicable?
As of the time of this publication, assessments are as follows:
- Woodbridge COA - $243.00 Monthly
- Eagle Harbor HOA - $233.53 Quarterly
Disclosure Packages may be ordered through Chesapeake Bay Management Office 757-534-7751
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What do Assessments Cover?
Assessments for Eagle Harbor cover the maintenance and management of all common areas. These include the pool, clubhouse, park, and various landscaping features in the community. Woodbridge residents enjoy the same use of these amenities as do Eagle Harbor residents.
Assessments for Woodbridge cover the maintenance and management of all the Woodbridge common areas plus the exterior of all buildings and fences, the roads, and the water and sewage infrastructure. In addition to maintenance, Woodbridge maintains a replacement reserve as established by the replacement reserve analysis contained in the “Documents” section of this website.
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