Other Words From Condominium
The Philippine Condominium Act specifies that foreigners can own condominium models, so long as 60% of the models within the constructing are owned by Filipinos. The project of a purchase order and sale agreement for a brand new house could also be topic to the approval of the builder with whom the primary purchaser originally entered into the agreement to construct and promote the brand new home.
The entire property is legally owned by a non-revenue corporation by which the tenants personal shares; every share carries the proper and duty to lease an apartment from the cooperative. Shares may be bought and offered, but usually the cooperative’s guidelines strictly restrict the value for which they may change hand.
Because the official share costs are often lower than the market value and sellers usually retain freedom to pick whom to promote to, underneath-the-table funds are widespread. Apartments (Danish ejerlejlighed, literally “owner-house”) comprise some 5% of Danish houses.They are traded and mortgaged on the same markets as free-standing homes, and are treated legally very like different types of real property.
In India, condominiums are often known as “Apartments” or “Apartment Buildings/Complexes” or “Societies” or “Flats”. Each constructing consists of multiple floors and flats/residing units with completely different configurations. The most common configurations are “1-BHK”, “2-BHK” and “three-BHK” (BHK stands for bed room-corridor-kitchen). Another 5% of Danish properties are in housing cooperatives , which occupy a legal position intermediate between condominiums and housing associations.
The first purchaser does not make any additional funds to Builder A. The first purchaser subsequently assigns the settlement to an assignee purchaser for $15,000. If the sale of the interest in the home from the primary purchaser to the assignee purchaser is topic to GST/HST, tax applies to the total $15,000. This is the case even when the assignment settlement identifies that the $10,000 is a restoration of the deposit that the first purchaser paid to Builder A.