It is straightforward to feel a bit dazed and confused after a day of viewing potential new homes. After multiple viewings, they can all start to look the same. But have you ever wondered what the distinction is between an condominium and a condo? They look precisely the identical! If you have, you’re right. They’re aesthetically no different from one another. The difference between an condominium and a condo is purely legal.
Condos and flats are essentially both apartments which are a part of a bigger building. The place a condo differs from an condominium is when it comes to ownership. Condos are flats sold individually to completely different owners. The same building in its entirety could be owned by one person and the residences inside rented (however not owned!) to separate people.
A rental is typically defined as a group of houses which are individually owned on one piece of land. If you own a condo, you do not own the land it is built on but instead you buy the air containing the borders of your condo. You could find out precisely what these borders are in the declaration document.
When you own a apartment you’re buying a bit of real estate with access to communal areas such as hallways, elevators and gardens. You could find out exactly what these frequent areas are in a document called the master deed. These frequent areas are managed by the home owners affiliation that elects a board to deal with the daily running of the condo. This board will represent the building as a complete and can act on the final will of the owners. The board will decide upon the foundations and laws of the apartment together with pet ownership, maintenance cash for the upkeep of communal areas and external adorning restrictions. If you are unsure what the foundations and rules of you rental are they will often be found through a search engine if you happen to type on the name of your condominium association.
Indifferent condos are additionally available whereby individual houses are separately owned but the grounds together with gardens, courtyards and so on aren’t looked after by the homeowners. In this situation house owners have a better say within the outside looks of housing. Restrictions are put in place so as to keep streets looking uniform. Indifferent condos, nonetheless, are very rare in Bangkok due to its basis as a high-rise city and also because of a lack of development space.
The concept of condominium ownership may apply to other building types including offices, shops, and hotels though this can be very rare with companies preferring to make independent stylistic decisions and have a larger flexibility within the daily running of their enterprise space.
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