Tips Before Buying A Condominium Adelaide Property Valuer

The co-ownership is framed by the law of July 10, 1965 and defined as “a built building or a group of built buildings for total or partial residential use whose ownership is divided into lots between several people”.

These people are called co-owners. Together, they form the syndicate of co-owners. In co-ownership, each co-owner owns one or more lot(s) including a private part (his accommodation) and a share of the common parts of the Real Estate co-ownership. The common areas are the common areas reserved for the use of all the co-owners. 

They are listed in the co-ownership regulations and generally include the entrance hall, the stairwell, the garbage room, etc.

Rest assured, in the event of the sale of a property in joint ownership, the distribution of charges is regulated by law. Indeed, it is the one who is co-owner at the time of receipt of the call for funds who is fully liable for it. It should be noted that in general, calls for funds are made on the first day of each quarter.

Thus, for example, if a sale takes place on June 5, it is the seller who is liable for the charges for the second quarter. As for the buyer, he will receive the call for funds for third quarter charges to be settled on October 1st.In addition to the charges to be paid, once you are a co-owner, you may be required to pay a cash advance to meet urgent expenses or unpaid bills. 

This advance, also called “working capital”, is reimbursed to you in the event of resale, but it must still be taken into account in your purchase budget! 

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