Business Condominiums: A More Common Type Of Ownership

It is more common nowadays to have newly constructed office parks that offer business condominiums. So what are they? Actually, business condominiums are similar to residential condominiums. The owner purchases the interior of the office to a certain point, depending on the governing documents, along with a percentage of the common areas. This allows business owners to own their office space, avoiding never-ending lease payments. While providing the normal benefits of ownership, the condominium association will require that the owner pay a maintenance fee every month. This maintenance fee will be paid to cover common area expenses such as landscaping, snow removal, common area repairs, management, and other miscellaneous items. Similar to a residential condominium association, the business condominiums have been formed with the expectation that some of the owners within the complex will serve as volunteers on the condominium board. When considering the purchase of a business condominium, be sure to thoroughly review the governing documents. For example, if your business handles hazardous materials, you may not be able to bring said chemicals onto the premises if you plan on running a lab.

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