Published on : 23 April 20193 min reading time
Buying a condominium
Buying a condominium does not mean you buy an apartment as such, without buying a share of an economic association. This means that you buy the right to use an apartment belonging to this association of tenants and owners. When a condominium building has just been constructed or a rent right is converted into a condominium, the right to use the apartment is sold by the tenant-owner association to the person who is to live in the building. The association comes down to the seller. In all subsequent sales, the owner tenant is the seller. A condominium can be an apartment, a villa, a townhouse. The members of the tenant-owner association own the entire property, namely the dwellings, the common areas, the premises and the garage.
A written agreement is essential when buying a condominium
To sell, trade or assign a condominium, you must enter into a written agreement. In this agreement, we specify the date of access of the buyer to the purchased property and the terms of payment. It is important that the agreement clearly state the condition of the condominium, the surface of its living space and any defects, if any, to avoid future litigation. If a property for sale is a place of permanent residence (of a married or cohabiting couple), the spouse or cohabitant of the potential seller must approve the sale in order to be valid. The contract must be dated and clearly indicate the type of accommodation and the agreed price. If any of the above conditions are not met, the agreement is invalid. One of the parties can then seize the court within two years from the date the contract was signed to possibly cancel it.
The buyer must examine the apartment or the house
The buyer has the duty to consider the future property to buy. It is therefore important for the buyer to thoroughly inspect the apartment or house before purchase. Preferably, such a task should be performed by an approved expert.
Rights to make changes to the property acquired
The tenant has the right to make changes to the apartment. In case of major changes such as the removal of walls, the consent of the council is required. If the owner of the condo makes changes that may be considered negligence, he may be required to restore the condominium in its original state.