Have
you ever looked into a contract and hesitate on the terms just because you do
not understand what it means? No worries. You are not alone. There are a vast
expanse of vocabularies and terminologies that only a few chosen specialties
know.
In
the world of property and realty rights, there are also jargons which may mean
another thing to another forte. The
Peterson Group Bespoke Condominium and Residences, leading provider of
luxury apartments and
residential for expatriates in Singapore, Kuala Lumpur, Malaysia, Jakarta,
Indonesia and Hong Kong, guides us through the common jargons and
legalities used in the field of condo ownership.
• Administrator.
He
is mostly the building manager who explains policies, intervenes when there is
a conflict between tenants, and approves permits.
• Agent
Although
not all condos have an agent, The Peterson Group appoints one for each of our
client. You can directly contact him for special service request even when you
are already a long-time client.
• Annual
General Meetings (AGM).
This
is vital for condo owners to hear reports from administrators (such as the
review of association dues, etcetera) elect a new board, and deal with any
pressing issues.
• Association
Dues.
This
is also called contributions or, colloquially, condo fees and used to pay
services including electricity bills, salary of the security personnel and
cleaning crews and repairs.
• Bylaws.
This
fancy word is synonymous to procedures and regulations.
• Caveat.
In
case of any delinquency, say when a unit owner neglect to pay association dues,
the condo corporation has the right to file a caveat which is defined as a
warning or notice against the title. Don’t take caveats lightly: these can be
enforced the same way as a bad mortgage.
• Common
Property/Elements.
These
are the areas and facilities that everyone has the right to use: elevators,
lobbies, gym, swimming pool, spas, playgrounds, garden paths, etc. It also
includes the plot of land that the entire condominium building stands on. Some
condominiums will have function halls that you can use for parties, but you’ll
need to reserve the area.
• Estoppel
Certificate.
This
is a certificate given by the Condominium Corporation that shows the status of
your payment of Association Dues. Owners
should take hold of this to ensure that you have no arrears.
• Special
Resolution.
Important
community decisions such as enacting or amending bylaws, or transferring or
leasing common property, needs the agreement of a majority of not less than 75%
of the total population.
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