These days, there are some exceptional deals in real estate, especially for condominiums. Now, there are a lot of new, unsold condominiums and several are sold for a very good price. Most of the unit is close to beaches, golf courses and other amenities that make life so desirable.
For investors and second home buyers, this generates an opportunity that may not come around. If you want to buy uws luxury condominium at an affordable price then you can navigate various online sources.
However, the condo was formed under the laws, is completely different than what had been used to. It all starts with the concept of ownership. First of all, most people refer to the apartment where they will live as they “condo”.
The condo is the entire project which consists of all the apartments, the parking lot, the grounds, and, in many cases, recreational facilities. Your apartment is referred to as “units”. All the rest of the condo is known as the “common parts”.
You may have exclusive ownership of your part and you share in the ownership of the common essentials with all other unit owners. Condominium Act says that all you have divided ownership in the common elements. This means that each part-owner has the right to enjoy the common essentials and the obligation to maintain them.
This arrangement, without guidance and management, can lead to chaos. Each unit owner will assert his personal preferences for the use of common elements and many are not willing to pay their share of the cost.