An association is created that monitors the maintenance and operation of the marina. Individual owners are responsible for paying their monthly, quarterly, or annual association dues and for paying their own property taxes assessed on the slip. Dockominium conversions are a popular trend taking place in the marina industry in high demand areas focusing on the luxury markets.
A committee is established to oversee the maintenance of the marina, while private owners are responsible for covering their regular, periodic, or annual fees and paying their own real estate taxes. Dockominium conversions have become a common practice in the marina sector, especially in areas with high demand focusing on upscale markets.