Duties of the Condominium Owners – Sharing in the Costs and Being Mindful of Neighbours
Financial security in old age, a home of one's own, and an inflation-resistant investment – a condominium delivers a variety of benefits. Then again, homeownership entails a number of duties as well. For starters, each owner – whether owner-occupier or private investor – shares in the administrative overhead, which are paid for through the condominium fee along with the provisions set aside.
Owner-occupiers need to remember: The owner may use the commonhold property only to the extent that such use does not infringe upon the other owners. Practically speaking, this means, for instance, that a condo owner may not keep furniture or bicycles in the stairwell except with the other owners' consent. But more than that: Even if the home owner association does not object, the owner must uphold fire prevention and protection regulations. And even the use of the individual freehold property, that is, the condo, may not infringe upon the other owners.
The Meeting of Owners: Attendance Not Mandatory, but Sensible
The duties of the owners of a given housing estate are all listed in the respective condominium regulations. Attending the meeting of owners is admittedly not binding. However, attendance recommends itself because it gives owners the chance the play an active part in key decisions concerning the housing estate. Whenever an owner is unable to attend the meeting, he or she may normally send a proxy: The condominium regulations also specify who qualifies as an owner's authorised agent.
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.”
We hope you enjoy our encyclopaedia!