Commonhold Property – Jointly Owned by all Condominium Owners
The commonhold property comprises the plot and all those parts of the building not held in individual freehold ownership. This means specifically all building elements that are necessary to ensure the intact state and safety of the house, including e.g. the exterior walls, the roof, the foundation, and the stairwell, but also the windows and entrance doors. Facilities and equipment jointly used by the condominium owners are also considered commonhold property. While including parking and green areas, these may also cover things like a swimming pool. All of the condominium owners share in the management of the commonhold property along with the costs for its upkeep
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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