Ohio Code 5311.21 – Common profits and expenses distributed
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Unless retained by the board of directors as reserves, the common profits of a condominium property shall be distributed among, and, except as provided in division (B) of section 5311.041 of the Revised Code, the common expenses shall be charged to the unit owners according to the undivided interests in the common elements appurtenant to their respective units.
Terms Used In Ohio Code 5311.21
- Common expenses: means expenses designated as common expenses in this chapter or in the declaration. See Ohio Code 5311.01
- Common profits: means the amount by which the total income received from any of the following exceeds expenses allocable to the particular income, rental, fee, or charge:
(1) Assessments charged for special benefits to specific units;
(2) Rents received from the rental of equipment or space in common elements;
(3) Any other fee, charge, or income other than common assessments. See Ohio Code 5311.01
- Condominium: means a form of real property ownership in which a declaration has been filed submitting the property to the condominium form of ownership pursuant to this chapter and under which each owner has an individual ownership interest in a unit with the right to exclusive possession of that unit and an undivided ownership interest with the other unit owners in the common elements of the condominium property. See Ohio Code 5311.01
- Property: means real and personal property. See Ohio Code 1.59
- Unit: means the part of the condominium property that is designated as a unit in the declaration, is delineated as a unit on the drawings prepared pursuant to section 5311. See Ohio Code 5311.01