Condominium
QUESTION: What is a Condominium?
ANSWER: A Condominium or a Housing Cooperative is an economic association where the members are responsible for the management, operation and maintenance. According to rules for Economic Associations the members are responsible for the Condominiums organization, finances and other concerns through the Board the members select.
To be a part of a Condominium means that you own the right to use an apartment and thereby become a member, or also known as tenant. One does not own the apartment, but the members of the Condominium together own the entire property, i.e. houses and common areas. This means that, as a member you are a part-owner of a property and therefore have a personal interest that the Condominium is managed in a good way.
QUESTION: What is the annual fee used for?
ANSWER: Just like a tenant pays rent, the member has to pay the Condominium what is called an annual fee. The annual fee is usually divided into twelve parts, so that payment is made monthly.
The annual fee shall cover the Condominium costs for operation and maintenance of the entire property and also the interest and repayments on the loans the Condominium may have.
The Condominium is also obligated to save money regularly for future maintenance and repair of i.e. facades, stairs, risers, drains, etc.
QUESTION: Is there any way that I can help to keep the annual fee down?
ANSWER: In some Condominiums, the members try to keep the costs down by taking care of the administration, gardening etc. by themselves. This must be in accordance with all members’ desire and involvement.
Rules of the Condominium specify the obligations and rights of the individual members and also what the Condominium has against other parts. In contrast to a tenant a member in a Condominium has a comprehensive maintenance responsibility. It is therefore required that your home insurance is adapted to this responsibility and protects all the installations made in the apartment.
QUESTION: Does the annual fee cover the costs for repairs etc. in my apartment?
ANSWER: No, the cost of repairs, etc. in the member"s apartment is paid by the member himself. Responsibility and the boundary between the member and the Condominium obligation could be read in the Condominium statutes.
QUESTION: What’s the difference between being a member in a Condominium or a tenant?
ANSWER: Unlike a tenant, where you pay rent to a property owner who owns the property, the Condominium member is indirectly like a shareholder of the property and has the right to, in return for payment, transfer his property rights to another person. As a member of the Condominium you have the right to vote on the Condominium"s annual meeting. In contrast to a tenancy you also have a comprehensive maintenance responsibility.
QUESTION: What am I allowed to do in my apartment?
ANSWER: In principle you have the rights to do whatever you like with your apartment. But a major renovation etc. needs the approval from the Condominium Board. Make it a habit always to check with the board, before anything starts, to get an approval to avoid a minimum of problems.
QUESTION: Am I allowed to let out my apartment to another person (subletting)?
ANSWER: Yes, but only for special reasons. These special reasons you can find in the Condominium statutes.
NOTE! That there always has to be an approval by the Condominium board before subletting can be done.
ANSWER: A Condominium or a Housing Cooperative is an economic association where the members are responsible for the management, operation and maintenance. According to rules for Economic Associations the members are responsible for the Condominiums organization, finances and other concerns through the Board the members select.
To be a part of a Condominium means that you own the right to use an apartment and thereby become a member, or also known as tenant. One does not own the apartment, but the members of the Condominium together own the entire property, i.e. houses and common areas. This means that, as a member you are a part-owner of a property and therefore have a personal interest that the Condominium is managed in a good way.
QUESTION: What is the annual fee used for?
ANSWER: Just like a tenant pays rent, the member has to pay the Condominium what is called an annual fee. The annual fee is usually divided into twelve parts, so that payment is made monthly.
The annual fee shall cover the Condominium costs for operation and maintenance of the entire property and also the interest and repayments on the loans the Condominium may have.
The Condominium is also obligated to save money regularly for future maintenance and repair of i.e. facades, stairs, risers, drains, etc.
QUESTION: Is there any way that I can help to keep the annual fee down?
ANSWER: In some Condominiums, the members try to keep the costs down by taking care of the administration, gardening etc. by themselves. This must be in accordance with all members’ desire and involvement.
Rules of the Condominium specify the obligations and rights of the individual members and also what the Condominium has against other parts. In contrast to a tenant a member in a Condominium has a comprehensive maintenance responsibility. It is therefore required that your home insurance is adapted to this responsibility and protects all the installations made in the apartment.
QUESTION: Does the annual fee cover the costs for repairs etc. in my apartment?
ANSWER: No, the cost of repairs, etc. in the member"s apartment is paid by the member himself. Responsibility and the boundary between the member and the Condominium obligation could be read in the Condominium statutes.
QUESTION: What’s the difference between being a member in a Condominium or a tenant?
ANSWER: Unlike a tenant, where you pay rent to a property owner who owns the property, the Condominium member is indirectly like a shareholder of the property and has the right to, in return for payment, transfer his property rights to another person. As a member of the Condominium you have the right to vote on the Condominium"s annual meeting. In contrast to a tenancy you also have a comprehensive maintenance responsibility.
QUESTION: What am I allowed to do in my apartment?
ANSWER: In principle you have the rights to do whatever you like with your apartment. But a major renovation etc. needs the approval from the Condominium Board. Make it a habit always to check with the board, before anything starts, to get an approval to avoid a minimum of problems.
QUESTION: Am I allowed to let out my apartment to another person (subletting)?
ANSWER: Yes, but only for special reasons. These special reasons you can find in the Condominium statutes.
NOTE! That there always has to be an approval by the Condominium board before subletting can be done.