Condominiums are a popular choice for both the seasoned as well as the first time real estate investor. Condos are typically less expensive than similar single family homes, are easy to evaluate and can be found in one or two bedroom varieties. Single family homes with only one bedroom are largely unheard of and a two bedroom home is almost always on the lower end of the rent scale.
Condo owners own all the property located within the walls of their condo unit. The sidewalks, stairs and common areas are jointly owned by each condo owner. Condominium complexes are governed by their own set of rules, helping to maintain consistency in architecture, design and appearance. Condo owners typically can't paint the outside of their front door in bright red if the rest of the condo doors are a uniform blue. It will say so in the condominium guidelines.
If you own one of these condos and you break one of these rules you can expect to either get a warning from the Condo Association whose job it is to enforce the condo rules or even get slapped with a fine at the first offense. These restrictions are spelled out in the government documents of the condo and are enforced the Homeowners Association, whose members are condo owners.
The Homeowners Association also has the ability to negotiate with contractors, insurance agents and other businesses that interact commercially and legally with the condominium association. The Homeowners Association can also sue on the behalf of the condo owners for such things as shoddy work by a contractor or to settle an insurance claim. Occasional lawsuits filed by a Homeowners Association are relatively common. Yet sometimes there are Homeowner Associations who can't seem to wait to file a lawsuit against someone.
While a lawsuit is legitimate when it comes to protecting homeowner's rights and remedies, an overly litigious association can be a burden. Lenders typically won't finance a property with a pending lawsuit for example. Or a lawsuit is file and lost and the condo project is on the receiving end of a financial judgment, a judgment that must be shared equally by all the condo owners.
When you consider a condo, it's prudent for you to check the current and past history of any legal action on behalf of or against the condos. If you see a regular occurrence of legal filings, you may want to คอนโดมือสอง กรุงเทพ reevaluate your purchase. It might be one legal problem after another.
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