Before you buy a Condominium, you need to know how the complex is run and financed so you can make an informed decision. Understand what you will own.
There are several types of Condominium developments and, depending on the type you chose, it can make a difference in the type of information that might be available for review.
When you buy from a developer (called a Declarant under the Act), there are three possibilities:
The unit is part of a new building, also known as a new sale
The unit is part of a phased development project
The unit is part of a converted building, like an older apartment building or townhouse complex known as a conversion.
When you buy from an existing owner, things can be different. This is commonly known as a re-sale.
Depending on the options above, there are different documents that can be supplied to you and it is important you read them and/or get legal advice. Besides the questions common to the purchase of any property, here are some more questions that are also useful to ask when considering a Condominium:
What are the unit boundaries?
What will my maintenance obligations be?
Is the corporation self-managed or managed by a professional management company?
What are the Condominium fees and what do they cover?
How much money is in the reserve fund?
Are any major renovations or repairs expected in the next 10 years?
What are the rules regarding the allowable number of occupants, noise, pets, amenities, parking, etc., and how are these upheld?
Can I alter my unit’s appearance? If I want to change something, what procedure do I have to follow to get permission?
Can I decorate my deck, patio or my hallway door for the various holidays?
Can I have a clothesline or a satellite dish?
Does the Condominium Corporation have the insurance required by the Act to protect my investment in a unit?
What will my insurance obligations be?
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Walang komento:
Mag-post ng isang Komento