Property Management
Vermont's condominium association's authority to collect assessments from unit owners derives from:
AA personal agreement with each owner
BThe recorded declaration and bylaws, which are binding on all current and future unit owners✓ Correct
CVREC licensing requirements
DThe municipality's building permit
Explanation
The condominium declaration and bylaws, recorded in the town land records, create binding obligations on all unit owners — current and future — to pay assessments and comply with association rules.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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