COMMUNITY OF PROPERTY FOR AN APARTMENT

 The apartment owners together form the community of owners. Each owner has the sole right to use his residential unit and is also the co-owner of the entire property. For this reason, it is necessary to have a community of owners who can make decisions such as modernizing the central heating system.



The legal basis for homeownership and the community of owners can be found in the Condominium. It regulates

  • the requirements, the establishment, the acquisition, and the expiry of residential property
  • the rights and obligations of the homeowners and homeowner applicants, the homeowner organizer, and the manager
  • the management of the property
  • the community of owners
  • the exclusion of homeowners
  • the provisional homeownership of the sole owner of the property
  • the non-dispute procedure under residential property law

General parts of a property

The shared rooms and areas of the property are called general parts. These include the bicycle parking spaces and the staircases, and the building components such as the roof and the facade. A distinction is made between the general parts of a property.

  • "Necessary general part" such as the hallway, which is mandatory for all owners as access to their residential unit
  • "General part under dedication" such as the garden
  • Management of the property by the community of owners
  • The community of owners is responsible for the management of the property. The tasks include in detail.
  • Repairs and renovations of general parts
  • Decision on the amount of the repair reserve

Commissioning a professional property management company

The owners can only jointly determine matters relating to the property. For example, a single apartment owner may not simply order painting work in the stairwell without obtaining the consent of the other co-owners. However, he is allowed to renovate his residential unit.

In practice, it is customary for the manager to represent the community of owners and conclude craftsman contracts, etc., in the name of these. If no manager has been appointed, most owners represent the community of owners. The majority, in turn, results from the ownership shares.

Reserve for maintenance

According to 31, the community of owners has to set up an appropriate reserve in which all co-owners participate proportionally. The account serves to cover future expenses. The contribution each co-owner has to make depends on his or her share of ownership in the property.

What are the costs of buying a condominium?

Brokerage fees, taxes, and ancillary costs when buying an apartment add up to a not-insignificant amount. When you add the ancillary purchase costs to the property's purchase price, do you know how much the Condominium will cost you? The cost of luxury apartments in Lahore are cheap as you can afford them.

Broker's commission when buying a home

When concluding the contract, the broker calculates a broker's commission, the amount of which depends on the purchase price:

  • up to a value of 36,336.42 $ the commission is 4% of the value plus VAT
  • From 36,336.42 $ to 48,448.51 $ the agency fee is a flat rate of 1,453.46 $ plus VAT
  • above 48,448.51 $ the commission is 3% of the value plus VAT
  • Usually, the seller and the buyer share the broker's commission, and each pays half of it.

Real estate transfer tax when buying a home

the real estate transfer tax in Austria is 3.5% of the purchase price

In the case of acquisitions between close relatives, the tiered tariff is to be applied; the assessment basis here is the property value

  • Land registry fee when buying an apartment
  • There is a fee of 1.1% of the purchase price for the entry of residential property rights in the land register.
  • for the entry of a lien, there are additional costs of 1.2% of the value of the lien
  • Legal or notary fees when buying a home
  • 1 to 3% of the purchase price
  • Fees specify the chamber tariffs.
  • a flat fee can also be agreed
  • Costs for the certification of signatures for accounting
  • Depending on the chamber tariff, the amount depends on the purchase price.

 

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