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Condominiums are divided into two categories:
1- Apartments
2- Townhouses
Townhouses belong to the category of condominiums. They are among the residential complexes that are built in one direction and glued to each other, and the difference with the apartments is that there is no neighbor upstairs or downstairs.
Apartments and townhouses include private and public areas. In condominiums, the maintenance and care of the private sector is the responsibility of the owner, and the maintenance and care of the public sector is one of the duties of the Condo Association Management. Therefore, in this category of residential properties, there is a monthly charge that the owner is obliged to pay every month. As a result, when buying a condo, this cost is taken into account in addition to the bank loan that must be paid every month, even banks will consider this monthly charge in addition to the loan applicant’s expenses when calculating the loan amount.
When buying condominiums, several points should be considered and a number of documents related to that condom will be obtained from the seller after the offer price is accepted and studied. These documents are as follows:
1- Declaration of Co-ownership
2- By law of Condominium
3- Minutes of General Meeting of Condominium
4- Financial of Statements
Numbers 3 and 4 should be studied for the last three years.
Therefore, our advice to dear friends is that when buying a condominium, be sure to use the service of a Real Estate Broker or Agent who is experienced and experienced in order to better examine these documents. While using these services, there will be no cost.