Rights of Separate Use – Personal Use of Commonhold Property
Parts of a property or of a building that are jointly held by all of its owners are called commonhold property. If one of the owners has sole use rights to such commonhold areas, the privilege is referred to as rights of separate use. Arrangements of this sort often involve parking spaces, parts of the yard, or basement units. Important for owners: Even if an area is subject to rights of separate use, the home owner association still pays for the maintenance and reinstatement of that area. Rights of separate use are governed by the condominium declaration.
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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