The vibrancy of contemporary living appeals to many of the young professionals and new home buyers. You might want to rent luxurious condominiums or live in prestigious suburbs to experience independent and present-day living. Nevertheless, choosing a home is never a joke; it is something that you should be serious about. If you don’t want to be illusioned with the idea of condo living, you might want to learn the ABCs again and be familiar with some terminologies that will help you understand condo renting.
Association Dues
is a monthly fee paid by all unit owners of a particular condominium building. The total amount funds the maintenance, as well as the necessary costs of any improvement in the condominium’s facilities.
Bylaws
are sets of rules which detail the obligations and responsibilities of both the condominium corporation and the condominium owners.
Common Properties
are those parts of the condominium that are not a unit. These properties or facilities are owned collectively by the unit owners.
Developer
the term given to the entity which represents the sale of the condominium to the public.
Exclusive Use Areas
are those areas that are designated for the use of a particular unit owner only. This may take the form of parking areas, balconies, lockers, and such.
Fee, Condo (Contributions)
a fund that is contributed by condominium owners to pay for costs that may arise from common properties. Aptly called contributions, it has also adopted a more informal term as condo fee.
Insurance Certificate
details the amount of coverage, the liability of the public in terms of common areas, the liability of both the directors and officers.
Juristic Person
is the term used to refer to condominium unit owners in insurance certificates and bylaws. A non-owner is referred to as normal person.
Lease of Common Property
occurs when a common property of the condominium is leased to a particular unit owner.
Maintenance Fund
is an annual due that is computed through the owner’s unit’s area. The fund is used to pay personnel and staff in charge of maintenance as well as any repairs the facilities may require.
Non-compliance
is the term used to refer to a unit owner’s failure to comply with a certain bylaw as established by the corporation. Non-compliance may warrant a sanction which may take the form of monetary dues.
Operating Budget
is an account of the necessary funds required for the condominium’s operation. The budget is prepared yearly and is given to unit owners to let them know the fees expected of them in the following year.
Property Manager
the person appointed by the condominium corporation to administer the operation of the entire project. The property manager is also the person contacted by unit owners to voice out their concerns.
Reserve Fund
is the fund not used to accommodate regularly recurring maintenance, and is reserved for major repairs or replacements that the condominium may require.
Size / Square Meter Ration
is the area of the owner’s unit plus the share of common properties. It details the boundaries set for a particular owner’s unit.
Tenancy in Common
refers to the collective ownership of common properties by all unit owners.
Unit
is the area of the condominium that is owned individually. Units may vary in area or scale.
Looking and renting for your very own condominium may require knowledge on different technicalities of the business. Yes, they may seem complicated at first, but they are definitely learnable. Besides, you are aiming for independence, and that means learning what you need to live on your own. After all, before riding the surge of urban living, make sure that you are well-informed with all the crucial details so as not to cause future harm in your pocket.
