What is the conversion of the apartment?
Conversion of an apartment is an activity in which a piece of real estate is transformed from real estate with exclusive property into a property in which people can buy a title into one or more individual units. These units are known as apartments or apartments. Conversions of apartments occur around the world, not without discussion, and in some regions the government has become quite aggressive about their regulation to prevent abuse. In order to transform, local administration officials must approve it. After approval, it is possible to create an association of apartments and individual units can be sold in a complex of apartments. In some cases, the units are sold before they are occupied, with the funds from deposits and pre -sales are used to pay any construction that needs to be done. It occupies. They usually join the Association of Falls and are obliged to pay maintenance fees that are used to cover the costs that include the building as a whole. For example, maintenance fees cover things such as cleaning and maintenance of halls and lobby,Care of building facade etc.
Someone who wants to buy an apartment must generally be approved by the Association of apartments and there may be special restrictions in population, such as bans on rent or sublease flats without the consent of the Association of Fallowings. The complex could also be structured with the intention of using a condominium as time sharing.
The conversion of the apartment is not the same as the building, although the two may sound similar, as they share the concepts of a housing association and require people to pay for maintenance fees. In the building, the name is held in a single ownership; People buy ownership shares, not titles of apartments or other areas they occupy.
The conversion of the apartment has been quoted as a way to enlarge a more affordable property by allowing people to buy apartments where they are too expensive to buy for many people. However, he was also criticized for exerting pressure on real estate markets and rentals. Some rentsMatelists are trying to transfer buildings in the area of controlled conos to make more money, for example that increases rent.