Condominium Regulations – the Home Owner Association's Constitution
Any sort of community is governed by by-laws that ensure a regulated and harmonious coexistence. In the case of home owner associations, this purpose is served by the provisions of the condominium regulations. These represent by-laws that define the rights and duties of the condominium owners in the home owner association, and is therefore often called the “constitution of the home owner association.” It is specifically drafted for each housing estate, and tends to be set down in the land register along with the condominium declaration.
Condominium Fee, Distribution of Votes, and Pet Ownership Common Components of the Condominium Regulations
One of the most important items governed by the condominium regulations is the apportionment of costs. It often includes the cost allocation key that is used to apportion the expenditures for maintenance and repairs of the commonhold property to the each owner. The condominium regulations may also stipulate the terms of payment for the condominium fee. Since the distribution of votes within the meeting of owners may be regulated in a variety of ways, it is sometimes part of the condominium regulations, too. Voting normally proceeds according to the one-vote-per-unit method. If this voting method is used, the condominium regulations should say so. In addition, the condominium regulations may restrict pet ownership, or make the letting of apartments subject to certain constraints. They may also prohibit the commercial use of apartments.
The Condominium Regulations – Mandatory Reading for Prospective Owners
Although the condominium regulations are registered in the land register as part of the condominium regulations, the home owner association is free to amend or expand it or to draft one if it has not already done so. Any such step requires the unanimous consent by the home owner association. Assuming the owners are in agreement, they may even write provisions into the condominium regulations that deviate from the German Condominium Act. Then again, some statutory regulations are legally binding no matter what, and cannot be voided by condominium regulations. While the existence of condominium regulations is not mandatory, they constitute a rather expedient instrument, especially for large home owner associations. Indeed, because they clarify the rights and duties of each owner, condominium regulations represent one of the most important documents for you to review if you consider buying a condominium.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
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