Real Estate Management
Real Estate Management
How to know is the condominium is sustainable or is in bankruptcy?
If you have already purchased the property, you will need to obtain information from the administrator of the condominium. The administrator of the condominium has a duty to inform and communicate clearly, has the duty to cooperate and be accountable to the owners. If you are a potential buyer of the property please ask detailed information’s to the real estate company you are working with, and ask them to request a declaration of condominium administration to answer your questions.
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How to know if the condominium is sustainable or is in bankruptcy?
If you have already purchased the property will need to obtain information from the administrator of the condominium. The trustee has a duty to inform and communicate clear, has the duty to cooperate and be accountable to the owners. If the potential buyer will ask for this information will mediate or estate owner who will gain a declaration of condominium administration to answer your questions.
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Is a condominium able to get a bank loan?
The bank lends only if there are real warranties and guarantees can only be given by the condo owner if this a fraction of the property that can converted into real value, otherwise only with one or more co-owners as guarantors. On the other hand, only with unanimity of all owners can be made such a commitment. The new owners will only be responsible for the debt if they accept it factually.
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What is the common reserve fund?
It is a compulsory contribution the condominium must establish to meet the costs of maintenance and investment. It's a different contribution of the monthly quota but it is not an extraordinary income.
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What should be the value of the common reserve fund?
The value of the reserve fund must be at least 10% of the amount paid monthly by each owner, being this item clearly separated on the receipt issued.
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What are common parts of a condominium?
Common parts are: soil, foundations, columns, pillars, master walls and all the remaining parts that constitute the structure of the building. The roof or roof terraces, entries hallways, stairs and corridors, the general facilities of water, electricity, heating, air conditioning, gas. Are still common parts, courtyards and gardens attached to the building, the elevators, the premises meant for use and habitation of a porter or janitor, garages and other parking spaces. In general things that are not affected to the exclusive use of one of the owners.
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Who pays the monthly condominium, the owner or the tenant?
In principle only the owners are responsible for paying the condominium quote, but it can happen that a fraction is rented and agreed that the tenant is to pay only the cost of use / enjoyment and services of common interest, where that has been specified in the lease contract since such a possibility is allowed by NRAU. It is up to the will of the parties stipulate in writing, otherwise applies the statutory scheme.
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In the case of an urgent event while the condominium administrator is absent, who can do the repair?
The indispensable and urgent repairs in the common parts of buildings can be performed by any joint owner in the absence or disability of the Administrator.