Things to Note Before Buying a Condominium
Condominiums can be one of the best home ownership options for a lot of people. The reduced maintenance as well as shared community space is truly appealing to a lot of buyers who also wish to own their own home. However condominiums also come with extensive legal frameworks. When you are planning to buy a condominium, it is important that you are aware on the overall structure surrounding of the condominium ownership in order to know if it will truly be best for your situation.
If you buy a bristle ridge dmci condominium, you are buying an individual unit within the condominium complex which you basically own everything within the walls. You are likewise buying a share of the condominium of the shared property. The shared property also includes any common space like pools, lawns and roofs. To maintain the shared space, condominiums will collect ownership fees or dues.
Condominiums actually assess your portion of ownership that is based on the size of the unit which you buy. The assessment of the unit size and the expected upkeep of all shared property will determine the association fee which you will require to pay monthly, annual or semi-annual basis.
Collected fees are then used to pay for the maintenance of the shared condominium property which may include the roof, sidewalk, outdoor building repair, and house or pool maintenance, road maintenance and for trash removal services.
These kinds of properties are also being regulated by law which is recoded together with the plot of land and also the unit division at the local land office. Condominium associations are the legal entity which is responsible in establishing and enforcing the bylaws. While all the members hold ownership of the condominium and are also technically considered as members of the association, a board of directors holds the power of the association. Click here to choose from the best condominium units near you.
These associations are also able to place lens and fine against or to force foreclosure on an association member who is not following the rules. Another thing is that this association does not have the overall power on the type of rules and regulations which are established and governed by the local, state and the federal law.
In case you have the plans in buying a condominium, it is important to consider the advice from an attorney that will be able to review the bylaws of the association with you. It is best to also never buy to a condominium association or homeowners association not unless you know all the necessary rules and regulations which will govern your property ownership.
