What does it mean when a condo is insolvent?

What does "Common Electric" mean in condo associassion fees?

• I am in the process of looking at houses/condos to buy. Here is an example of one of the HOA fees and what it covers - 160/ Fees Include: Common Area Taxes Common Electric Lawn-Landscaping Trash-Garbage What is common electric? Does that mean I'm not going to have an electricity bill? Also, since it says 'Common Area Taxes', does that mean I'm not going to owe any yearly taxes on the condo?

• Answer:

  It's important you ask your realtor to ask the listing agent this. When some list this, they mean the common area's electricity bill. Others mean your unit's electricity is included (seen many of these before). This means the total usage of the building is divided based on unit entitlement (your unit divided by total SF of all units). As for common area taxes, it means taxes for the HOA's common areas like the gym, garden etc. It does NOT mean your condo's property taxes - which are separate.