What do you own when you buy a condo?

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What do you own when you buy a condo?

When you buy a condo, you take ownership of the individual unit along with the right to use the common areas. You do not outright own the exterior of the building, the community amenities, or the surrounding land. You share the ownership with other owners.

Q. Where do you pay cash for a condo?

Condo buyers that pay cash are typically savvy real estate investors looking to cash in on the current low prices with plans to rent out the properties. Although there are many places where that plan is a good bet, places such as Reston, Virginia may be a whole other story.

Q. When to put rental properties in a LLC?

If you have rental properties or are looking to purchase some, the question of whether or not to form a Limited Liability Company (LLC) has probably come up at some point. I see this question posed quite often on related forums, as well as on the Passive Income Docs Facebook Page.

Q. Can a LLC be used to buy a condo?

Most condo buildings make the process relatively simple. “Unless there’s some prohibition against LLC buyers in the bylaws of the condominium—and I don’t believe I’ve ever seen any—you can just go ahead and buy,” says Wagner.

Q. What happens if you don’t pay your condo assessments?

Today, there are many unit owners who do not pay their periodic assessments in a timely manner, much less special assessments. In fact, many owners can’t pay or are willingly not paying their first and second mortgages. With the fall in real estate values, particularly recreational or second home condominiums, many owners are “under water.”

Q. How is the downpayment paid for a condo?

The downpayment for a condo is: New condo launch: 20% of the purchase price, of which at least 5% must be paid in cash (i.e. 15% with CPF) Resale condo: At least 5%, including an option fee of at least 1% which must be paid in cash (i.e. 4% with CPF)

Q. Do you have to pay for common property in a condominium?

You also may not have control over the portions of your unit that are referred to as “common property”, which may include windows, patios and balconies. This communal ownership also means that you’ll have to pay condo fees, which are used to maintain the property.

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