What is the legal entity formed to manage condominium properties?

The legal entity formed to manage condominium properties is the Condominium Corporation. This entity is established when a condominium is created and is responsible for the governance and management of the condominium community. The Condominium Corporation ensures compliance with legal obligations, maintains common areas, manages financial matters, and enforces rules and regulations for the benefit of all unit owners.

The purpose of the Condominium Corporation is to function as a collective body that represents the interests of all unit owners and oversees the shared resources and responsibilities of the condominium community. It has the authority to make decisions regarding the operation and maintenance of the property, collect common expenses, and engage with external parties such as contractors or service providers.

In contrast, while common expenses refer to the costs associated with the maintenance and management of shared areas, they are not an entity but rather a financial aspect managed by the Condominium Corporation. Unit owners are the individuals who own the individual units within the condominium but do not act as a governing entity. The Board of Directors is a group elected from the unit owners to carry out the day-to-day operations and decision-making on behalf of the Condominium Corporation, but it is the Corporation itself that serves as the legal entity.