A friend recently called to let me know she was buying a resale condominium in North Atlanta, and wanted to know if I could give her ideas on traps or pitfalls specific to condominiums. I made up a list and share it with you today.

Remember that a condominium is, by definition, a form of ownership. In a condominium, you typically own your specific unit individually. That's usually from the floor up, from the walls in, and from the ceiling down. In addition, you also own an "undivided" interest in the common areas, which often include the building exteriors and roofs, the land under all the units and the parking areas, and the pool and clubhouse.

The word undivided means that you can't fence off your portion of the pool and keep the other residents out. Instead, you have a proportionate share of the ownership of these common areas, usually in relation to the square footage of your unit.

Your ownership of a unit in a condominium makes you automatically a voting member of that particular condominium association, and you become subject to all the rules and regulations of that association. And because the condo association can have so many rights and powers, it is particularly important to know exactly what you are getting into when you purchase.

For example, if a fifteen year old apartment complex converted to condos a few years ago, you might be purchasing a resale from one of the original condo owners. Let's say there are ten buildings, each with four units. And lets say the roofs are all starting to show signs of wear and aging, and will likely need to be replaced over the next couple of years.

If the association is well managed, it will have a "reserve fund" set up to collect the money for repairs and replacements well in advance of the need. But if your association has suffered from neglect or poor leadership, or if the expense is much higher than anticipated, you could be buying yourself into "your share" of a major financial obligation.

When a condo association runs short on cash for needed repairs, they can vote to levy a financial assessment on each unit, and it can amount to thousands of dollars. The only way to avoid these types of problems is to discover the financial situation of the association before you buy into the club.

Here are some areas you need to explore before buying any condo:

* Condition: Is the project in good shape? Do you see signs of postponed maintenance? In particular, how is the roof of every building, and what is the condition of the parking areas? These can be major expenditures.

* Residents: Talk with at least 3 or 4 current owners and ask them if they are happy with the board of directors and the officers. Are they aware of any upcoming expenditures, funded or not? Are owner concerns dealt with promptly? Is there good communication between the association and the owners?

* Management: Is there a professional management company handling the day to day needs of the project, and are they experienced? Are residents satisfied with them? Does management feel the project is well funded, and do they anticipate upcoming projects to keep the buildings looking good?

* Documents: You need copies of the association by-laws, the condominium declaration, the most recent financial statements, and it would be great to review the minutes of the last year's worth of association meetings. The management company can likely provide and explain these documents, but many small associations can't afford professional management. Be wary.

* Rules: Under Georgia law, condo associations have broad powers to pass rules and regulations that can affect your enjoyment of the property, and those rules can change as often as the association votes to change them. Make sure you can live with the current rules.

* Rentals: In general, if more than 30 percent of units are rented, it will be very difficult for any buyer to obtain conventional financing when purchasing at a specific condominium project. Find out exactly what percentage of units are rented. Also, know that many associations are now prohibiting their owners from renting their units, and that may severely limit your exit strategy. Read the rules carefully.

* History: How often have there been monetary assessments in the past, and how often have association fees changed? What has the resale history of the project been in the past couple of years? Are individual units going up in value?

One final piece of advice: if you do decide to purchase a condominium, plan on being actively involved in the association and its meetings. Only by being involved can you have an impact on the future of your new home.