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Plan Your Buying of New Home
Plan Your Buying of New Home
06 August 2014
When you approach a purchase, there are several things to consider. Check with the housing association and make sure that the seller really has the right to sell the property by law. Ask the seller to legitimize him or herself and see if there are any old tax debts. Ask the seller to give you a recent extract from the planning of the apartment that you are interested in.
This will record, among other things, if the apartment is pledged. The fact that an apartment is pledged means that it has been left as collateral for a loan. If so, you should ensure that the loans are solved by the seller before buying the apartment. The seller has disclosure duty and will tell you if the apartment is pledged. As a holder of a condominium, you should have an interest in how the condominium association’s finances look like. Ask to look at the condominium association’s recent annual report and the statutes where you can read about what responsibilities you have for the apartment. Ask the board if there are any major alterations or renovations planned in the near future that may affect the annual fee.
The fee you pay to the condominium association is called annual fee and since the annual fee in most cases is divided up you will have to pay a smaller amount of money each month. This fee will cover the capital and operating costs and contribute to the condominium association’s repair fund. You yourself will have to be responsible of the maintenance of your own apartment. This means that it is you who will pay for any repairs that might be needed. How the maintenance responsibilities are divided between you as residential holders and housing association is regulated in the tenancy by-laws.
It is very important that you pay the annual fee on time. If you do not do that you risk losing your right to use the apartment and could be evicted. In common parlance, this is called eviction. In this case the association will give you a written notice that says that if you pay the fee within three weeks (as a recovery period) you can recover your right to use the apartment.
You can borrow money if the ones you have saved would not suffice when you buy a condominium, you can borrow the missing amount.
However it is important to take a proper thinker before you take a loan, so that you know you are capable of paying your accommodation. You can get help from the broker, bank or consumer advice in your community to figure out your monthly costs.
If the broker offers to help you with loans, you should first find out what the interest rate is and what other conditions apply. Maybe you can get a better loan elsewhere.
As said, it is your responsibility to keep the apartment clean. Exception can be made when it comes to pipes for sewage, heating, gas, electricity and water, if there is the housing association that has provided the apartment with the lines and that they are used by more than your apartment. Simply, the housing association is responsible for the outer maintenance. Maintenance responsibility means that you as a residential holder have an obligation to keep the apartment in good condition and it is you who will pay for labor and materials for any repairs.
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