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There is a special kind of residential real estate buildings called condominium. It’s a building or even a whole complex, which is not destined for rental but only for individual owners, which have to pay only for common use of their apartments – such as bills for electricity or running water and the ordinary rent. The apartments are their own properties but of course the building, which consists of all the apartments owned by individuals belongs to the Investor. The investor of the real estate, such as some kind of real estate agency or even private person is a Real Owner of the whole complex and he decides about important changes or regulations connected with his own building. He decides about selling an apartment to the new owner or not, he must by responsible for all the things, which are important and have to be realized to let the condominium exist and get him the profits.
Profits must be enough to be satisfied of the investment and his work as a real estate agent or as a simple investor, which earns the money on his investment.
The owners of apartments in the building must be also satisfied of their apartments and generally satisfied of living there.
In the condominium, common grounds and other facilities, which have to be used in common are of course shared jointly and the way of use use of these parts of the building must be described in the general regulations and also in the purchasing agreement and so on.
Different kinds of the condominium and other details of this kind of housing unit will be described in one or in some of the next texts.
Source:
www.rew1.com
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