Looking to purchase an apartment which is actually the first floor of a house. The second floor is another apartment with its own title. The title of the one im looking at says the building is a Condominium. Its an older house...The realtor says there is no Reglamento de Condominio... or some document with the rules about living in the "condominium". One friend said it must have one. Anyone know about this? Is it required for a bank loan (dont think so)?
- Thread starter junglemonkey
- Start date
Condominium Rules Document
Hire a good lawyer and have all property deeds properly checked. (the selling party is the 100% owner and there is an additional mortgage on the property)
Furthermore, a lawyer can explain the entire process to you and you will not be faced with surprises.
Furthermore, a lawyer can explain the entire process to you and you will not be faced with surprises.
Yep, going to get one. The bank assures me that their lawyers will revise all the documents as well for processing the bank loan... that puts me at ease.
I do have one other question (ill post it as a separately as well). When buying property you have to sign contract: "promise to buy". And when signing that you have to put down a deposit (usually 10% of the price of the property). The realtor says that the deposit goes directly to the seller (bank transfer). Which for me is ok. But is this normal?
I do have one other question (ill post it as a separately as well). When buying property you have to sign contract: "promise to buy". And when signing that you have to put down a deposit (usually 10% of the price of the property). The realtor says that the deposit goes directly to the seller (bank transfer). Which for me is ok. But is this normal?