Example
What does it look like in practice?
The buyer acquires an apartment and a percentage of the roof, staircase, structure and other common parts. After occupancy, participates in decisions about elevator, security, repairs and monthly expenses according to applicable rules and quotas.
A complex may also have a separate service contract, which must be distinguished from condominium decisions.
What is it commonly confused with?
A condominium is not a company and does not equal a "gated complex". The fee written in the offer does not prove who has the right to determine it, what it includes and under what contract it is due.
The common parts cannot be treated simply as residual areas of the investor when the law and title documents give them common treatment.
Why does it matter?
For the buyer, the management determines the real monthly cost of living, the condition of the building and the possibility of major repairs. Unpaid debts, disputed maintenance contracts or dysfunctional management can reduce the quality and value of the property.
With a new building, it is important how the management will pass from the investor to the owners.
What to ask
What should you check next?
Before buying, ask for minutes of the general meeting, budget, amount and basis of fees, availability of the "Repair and renovation" fund, management contracts and information about planned repairs. For a new project, read the pre-proposed rules and service agreements.
Compare the promised amenities with who will own, manage and pay for them.