Condominium sale-able area price and contract price in an off the plan sale and purchase of a condominium in Phuket Thailand have a different meaning. Foreigners who buy a condominium that is not yet completed will pay a purchase price for the unit based on a square meter price. This is usually not the final purchase price as the size in the plans of the condominium do not have to be the same as the final size of the condominium upon completion and measured by the land departments survey.

A standard clause in a off-plan condominium sale and purchase agreement:

The purchase price of the unit as mentioned in clause x is determined according to the area of the condominium unit to be sold at the rate of baht xx (-the square meter purchase price-) per square meter; totaling baht xxx (-total contract price-), hereinafter referred to as the “Purchase Price”. In the case where the area of the condominium unit to be sold varies from the sale-able area shown in the relevant title deed, the parties shall continue to be bound by this agreement and shall in no case terminate the agreement on the grounds of such variance. In addition, the parties agree to adjust the purchase price to correspond to the increased or decreased area at the rate of the purchase price per square meter as mentioned above.

Saleable area is not the exact use-able condominium floor area, as this is measured from the center of the walls of the condominium which are not common property under Chapter II of the Condominium Act. The outside walls of a condominium are common ownership of the condominium, walls between adjoining units are private ownership.

In an off the plan purchase the final purchase price upon completion will be adjusted according to the final floor area as measured by the official land office survey upon completion of the condominium. Price differences between the contract price for the condominium and the price based on the final floor area of the condominium could have a difference of up to 10%. The sale and purchase agreement could show a purchase price of 5,000,000 baht, but the final price upon completion could be 5,500,000 baht.

Developers in Thailand are very quick in demanding the price difference if this is in their advantage, but usually do not refund if the final purchase price based on the final floor area turns out to be less and would be in advantage of the purchaser.

Do not be surprised if upon completion of the condominium the purchase price is higher than expected. There is no fixed limit in the law on the allowed difference between the final area and size of the unit upon completion.

Also a lease price of an off plan leasehold purchase of a condominium is adjusted to the final floor area as shown in the condominium unit title deed upon completion of the condominium.

The number of condominium Philippines have steadily grown in the market since its first introduction. According to many experts, the reason why condominiums have become so popular in the Philippines is because of its many benefits in which many Filipinos living a fast-paced lifestyle have taken advantage off, which is its location.

Many condominiums in the Philippines are found in business and commercial districts, which allowed its residents to live within walking distance to their workplaces, a feat rarely found in other types of housing, except maybe from apartment buildings.

However, many new condominiums in the country have evolved to a more peaceful type of housing. These new types of condominiums are known as condominium complexes.

Condominium complexes: A house for the modern Filipino
Condominiums first begun as a type of housing in which many Filipinos have benefited from, which is because of its location. It is also known as one of the most popular modern housing in the Philippines because of its many benefits which caters to every Filipinos’ needs, particularly in today’s modern and fast-paced lifestyles.

However, other than these types of condominium Philippines, a number of new condominiums have been introduced which offers a different kind of advantage for other Filipinos. One of the most popular new types of condominiums today are condominium complexes.

Compared to condominiums found in the city, these types of condominiums are mostly found in the outskirts or even in provincial areas, which is why these types of condominiums are known for its serene and relaxing environment.

Although condominiums in the city can still provide the necessary privacy and peace for its residents even in the busiest district, condominium complexes are known to offer a different peace and privacy in which many Filipinos are looking for, particularly for their growing family.

According to many Filipinos, condominium complexes are known for its benefits which are popular among the many modern Filipino families. In addition to its family-oriented environment, condominium complexes are also known for its amenities in which many Filipino families can benefit from such as swimming pools, gyms, sports complexes, recreational parks, as well as playgrounds.

Because of these new types of condominium Philippines, many Filipino families have now been given the chance to experience living in a modern type of housing which can provide them with everything that they needed, particularly the needs of their family and growing children.
For more information visit to our site at http://www.atayala.com

There are many popular types of housing in the Philippines other than the traditional house we have grown to love, such as condominiums. According to many Filipinos and real estate experts, condominiums are some of the most popular types of housing in the Philippines today. And part of the reason is because many consider these types of housing modern.

Condominiums: A Modern Housing
Life in the Philippines today had significantly changed over the years. Many Filipinos today are living in a fast-paced lifestyle due to the nature of their work, which requires them to work around the clock. Because of this, many Filipinos have found living in a condominium beneficial compared to other types of housing, particularly houses. This is because of its many modern benefits.

Part of the reason why condominiums became popular and modern for many Filipinos is because of its location. Most condominium Philippines are found in business and commercial districts, allowing its residents to live within walking distance or mass transit distance from their workplaces.

Because of its location, its residents were able to get to their work on time and effortlessly while avoiding the usual rush hour in the morning. However, other than its location, condominium Philippines are also known for its other benefits which made it modern for many Filipinos.

Other than its accessibility to workplaces, many condominiums in the Philippines today are also known for its luxury for giving access to popular entertainment areas in the country, such as malls, parks, and other popular “hang-out” places. Another major advantage is its maintainability and security.

Compared to other types of housing, such as townhouses and apartment buildings, condominiums are known to hire their own maintenance personnel who oversees the maintenance of all facilities found in the condominium, such as its hallways, parking lots, elevators, stairways, as well as cooling systems, assuring that residents can enjoy the luxury of living in a modern housing.

Its security, on the other hand, assures that ever residents living in their condominium are safe from any harm. Part of what made these types of housing secure is because of most of its residents are of high stature such as wealthy families and individuals as well as company executives.

New Condominiums for Modern Filipinos
There are a number of new condominiums in the Philippines today which are also known for its modern benefits. However, the difference of these new types of condominium Philippines is that these are normally found in the outskirts or even in the provinces. These new condominiums are known as condominium complexes.

Compared to condominiums in the city, condominium complexes are mostly found in the outskirts, mostly in secluded areas. The advantage of these types of condominiums is its peacefulness as well as its serene environment. Because of this, many Filipino families found these types of condominiums perfect for their growing children.

However, what made condominium complexes modern is because of its amenities including swimming pools, gyms, recreational parks, and playgrounds, while others may even offer a full-sized sports complexes complete with basketball courts, tennis courts, badminton courts, as well as volleyball courts. For more information visit to our site at http://www.atayala.com

Condominiums are some of the most popular types of housings in Philippine market due to its benefits which conform in today’s modern trends. So what are the benefits or advantages of living in a condominium unit?

Different Types of Condominiums
There are currently two types of condominiums in the Philippines, the typical condominiums mostly found in the city, such as the many Metro Manila condominiums, and condominiums found in the outskirts or even in the provinces, which are known as condominium complexes.

Location
The main factor which made most condominiums in the city popular is because of its location. Most of these types of housings are strategically found in business and commercial district, such as those found in Makati City and many other major cities in Metro Manila.

Because of its location, residents can enjoy the luxury of living within walking distance or mass transit distance from their workplaces, allowing them to avoid the usual hassles of rush hour. Its location is also within reach of popular entertainment places such as malls and “hang-out” places.

Condominium complexes, on the other hand, are found far from these places. Most condominium complexes are found in the outskirts, while some are even found in the provinces. These types of condominiums aim to provide a more family-oriented environment for Filipino families compared to Metro Manila condominiums.

Because of its location, condominium complexes can offer a more peaceful and quieter environment compared to that of the city. Condominium complexes can also offer the wide open space that growing children require for playing. However, what made condominium complexes more popular is with its amenities.

Amenities
Other than its family-oriented location and environment, condominium complexes are also known for its amenities such as its own swimming pools, gyms, recreational parks, playgrounds, as well as a full-size sports complex complete with basketball, volleyball, tennis, and badminton courts. Because of this, condominium complexes became one of the best types of modern housing for modern Filipino families.

However, other than condominium complexes, a number of condominiums in the city are also known to offer their own amenities. Some of the oldest Metro Manila condominiums offer gyms as their amenities. Today, many new condominiums in the city can now offer their own indoor swimming pools and sports complexes for the enjoyment of their residents. For more information visit to our site at http://www.alveoland.com.ph/

Condominiums are not for everybody. There are rules and if you don’t like rules don’t buy a condominium.

No dogs, no bicycles, no glass in pool areas. These are all valid rules which the courts can and will enforce by way of a court order. At Landy Marr LLP we have acted for both condominium corporations and unit owners, in many such disputes. Every condominium is governed by its own unique rules, regulations and by-laws. These are necessary to ensure that condominiums are properly operated and maintained, and to define the rights and obligations of the individual owners.

Some rules regarding the individual owners, condominiums may have restrictions regarding the number of occupants per unit, the age of occupants, pets, noise, and parking and when certain amenities such as the swimming pool, tennis court, etc. may be used.

As well many condominiums have strict rules concerning the alteration of the unit space or its appearance. Additionally, you may have to get the permission from the condominium’s Board of Directors before you do the following: change exterior fixtures, install a satellite dish, put up new colored drapes, install an conditioning unit in one of the windows, and in particular make changes that may affect the premise’s structure or safety.

As an individual condominium owner you may be obliged to attend condominium meetings or serve on condominium boards and committees. Additionally on top of your mortgage condominiums have requirements for the payment of monthly condominium fees. There will also be mandatory charges for a reserve fund in addition to the maintenance fee for unforeseen major repairs to the condominium common elements.

In Ontario every condominium has a Declaration registered on title. Additionally each condominium corporation has by-laws and rules. Before you enter into an agreement to buy a new condominium unit read these documents over. If it is a resale unit and you read them after you sign, it will be too late to change your mind. To avoid disappointment and future problems you should have a lawyer carefully review and consider all rules and obligations when you are considering the purchase of a condominium. They should be available from the unit’s seller / vendor or from the condominium Corporation. The rules will be clearly outlined in the governing documents, and you should become familiar with them prior to purchasing a particular condominium unit.

Legal firms have frequently and successfully gone to Court on behalf of condominium corporations to obtain Court orders against individuals who had pets, who had brought bicycles into the elevators and into their units, who brought a glass into a jacuzzi, and who were tossing their Christmas trees over their balcony.

A condominium is not the same thing as owning a single family home where you are the “king of your castle”. A condominium is in many ways like living in a commune or a kibbutz, where the rights of the individual must be subordinate to the rules governing the building. Individual liberty is not supreme, and unit owners must obey the rules for the collective.

Before you buy make sure you know what you’re buying by reading the Declaration, by-laws and rules. Go see your real estate lawyer before you sign the Agreement of Purchase and Sale. Don’t wait until after you sign, by then it will be too late.

The Advantages Of Investing In Condominiums

Condominiums are often considered to be one of the good real estate investment options to build equity. You can buy a condominium either to live in or to rent it out. Another name for luxury and grandeur, condominiums are often leased for sale. These individual units of accommodation can also be renovated as apartments and town houses which are used for commercial purposes. Those who buy condominiums share rights inside the vicinity such as club houses, hallways and swimming pools. Maintenance of condominiums often lies with the condominium association. Due to its many advantages it is popular not only among the elderly people but also among young professionals and small families. Some of the advantages of condominiums which make it a good investment option are as follows: 

Buying condominiums is a good investment option particularly for those who are investing for the first time. Compared to standalone homes condominiums are cheaper. This makes condominiums a good option when investing for the first time. The reason for its lesser price may be that a condominium doesn’t have its own separate yard. Also, it is easier to get a loan for a condominium than for a traditional home. 

A condominium is considered to be an excellent option for those who travel a lot. If you leave your home and go away on business you may return to face a large number of problems in your home due to your long absence. Problems such as burglary or graffiti and so on may take place due to your absence from your home. But in a condominium it is difficult to commit a crime because of the presence of a large number of residents within a small area.

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A condominium would also be the best option for you if your kids don’t stay much at home. It has been observed that the requirement for a big house disappears once your kids leave you and go away to start their own independent lives. Thus most of the parents prefer to downsize to a condominium and make use of their cash for an early retirement. This trend is increasing day by day. 

A standalone home calls for a lot of maintenance in order to keep it in a proper shape. On the contrary, condominiums need very little maintenance. Besides, with the constant care and attention offered by home owners association maintaining your condominium is much easier. It makes your stay quite hassle-free and relaxing. 

The above facts about condominiums are convincing enough to decide in favor of an investment in condominiums. Usually the condos are popular because it is considered to be one of the best choices for a beginner. Also, home owners associations (HOAs) maintains strict standards which may bother a few easy-going careless tenants but it is undoubtedly an added advantage for the owners. Maintenance of a suburban property is a huge task for its owner. It is not so in the case of a condominium. 
Usually the motive or the driving force behind investment in real estate is appreciation in the value of a property. With the increasing popularity of condominiums its value is also rising. Growing population and changing lifestyles are going to increase the demand for condominiums in years to come. Thus investment in condos is highly advantageous. 

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Condominiums are some of the most popular types of housing in the Philippines today. Part of the reason is because of today’s modern and fast-paced lifestyles, and that condominiums are some of the only types of housing which can provide Filipinos the advantages they needed. So what are these advantages?

Advantages of Living in a Condominium
There are currently two types of condominiums in the Philippines today, the typical condominiums found in business and commercial districts and condominium complexes. So what kind of advantages that these two types of condominium Philippines can offer to Filipinos in today’s modern lifestyle?

Condominium in the City
According to many real estate experts, condominiums first became popular in the Philippines because of its location, which are mostly found in business and commercial districts. And because most Filipinos are living in a fast-paced lifestyle, due to the nature of their work, a home which they can easily access from their workplaces are the only types of housing which is considered perfect. And because most condominiums are found in the city, these types of housing rapidly gained a lot of popularity.

Because of its location, residents can have the luxury of living within walking distance from their workplaces as well as other popular entertainment districts, which is unlike that of living in a simple house found in residential districts. Because of this luxury, condominiums became even more popular compared to other types of housing in the same area, such as apartment buildings as well as townhouses.

According to many of its residents, living in a condominium in these locations can still offer the privacy and peace that every resident deserve in a home. The view from the window in a high rising condominium is also breathtaking, particularly at night.

There are, however, several disadvantages to living in a condominium, such as its unsuitability for a growing Filipino family. This is the reason why condominium complexes were introduced in the Philippine market, to offer modern families and modern type of housing in the Philippines.

Condominium Complexes
Unlike most condominium Philippines, condominium complexes are found in the outskirts, while some are even found in the provinces. Because of its location, condominium complexes are mostly comprised of wide open spaces and serene environment, which is why many Filipino families found these types of housing suitable for their growing children.

However, other than its wide open spaces, there are also a number of reasons why condominium complexes became popular and modern. Unlike condominiums in the city, condominium complexes are known for their amenities, such as swimming pools, gyms, recreational parks and playgrounds.

The disadvantage of these types of condominium Philippines is its location, which is a disadvantage for those Filipinos working in the city, making it harder for them to get back to the their work.For more information visit to our site at http://www.atayala.com

THINGS YOU NEED TO KNOW BEFORE BUYING A CONDOMINIUM

Buying a condominium is somewhat like buying stock in a new company; you shouldn’t invest your lifesavings in either unless you are satisfied that it is a sound investment and that means asking questions.

1. ARE YOU READY FOR THE CONDOMINIUM LIFESTYLE?

Moving into a condominium involves trading some of the privileges you might enjoy by owning a ordinary home, such as choosing the colour of paint for your front door, for the benefits of condominium living, (somebody else has to paint  the door!). While some people may be concerned about the restrictions that sometimes apply to the condominium lifestyle there are many advantages, including:

relief from  maintenance and repairs; enjoyment of recreational facilities; security; a sense of community that, all too often, is not present in normal subdivision developments; the comfort in knowing that the condominium has certain rules that will ensure your enjoyment of your unit and the common elements, which are not available in normal subdivisions; and the ability to exercise some control over your living environment by utilizing your voting privileges.

2. GET GOOD HELP

Start by talking to a realtor who is experienced in condominiums and explain what it is you are looking for, (e.g. a downtown loft close to the subway or a town house near a school). Retain a real estate lawyer who is also familiar with condominiums before you make an offer.  You will only have a matter of days to firm up a conditional offer and you can waste precious time searching for one who can help you

3. KNOW WHAT KIND OF CONDOMINIUM ARE YOU BUYING

Up until the time the current Condominium Act came into force, all condominiums were treated the same, regardless of whether they were a high rise tower or a townhouse or bungalow unit. The new Act now recognizes five (5) different types of condominiums which are briefly described as follows:

1.       Common Elements Condominium: this is a condominium where there are no “units”. Instead an interest in the common elements is attached to an adjoining, piece of land referred to as a “Parcel of Tied Land” or “POTL”. The POTL is usually a freehold detached home.

2.       Vacant Land Condominium: a vacant land condominium is a condominium in which there are both common elements and “units” however, the units are actually created as a piece of vacant land, similar to buying a vacant lot in a subdivision, upon which the owner will have a house constructed. The “unit” would then include all of the land in its boundaries as well as any dwelling units or other structures constructed on it.

3.       Leasehold Condominium: this is a condominium in which the ownership of the land upon which the condominium buildings are constructed will remain with a developer or be owned by investors. The owner then leases the land and buildings to the condominium corporation for a minimum initial term of forty (40) years. Purchasers will then acquire a leasehold interest in their unit. The corporation will pay rent to the owner from the common expenses.

4.       Phased Condominium: a phased condominium is a condominium corporation that is built in stages. When stage one is complete, a condominium corporation is then registered to include the units that have been constructed. The developer can then build the next stage. Once it is completed, it is then merged into the original corporation and so on until all of the condominium units are completed.

5.       Standard Condominium: essentially, a standard condominium refers to all condominiums other than the ones noted above.

These are the legal terms used to describe the type of condominium that you might be purchasing. However, there are many different “styles” of condominiums such as, high-rise, low-rise, loft, townhouse, bungalow, detached home, work/live (i.e. commercial unit on ground floor with residential living space above), recreational (e.g.. cottages), commercial and industrial, as well as combinations thereof.

4. GET A STATUS CERTIFICATE – EXISTING CONDOMINIUMS

You can find out a great deal of information about a condominium by purchasing a “Status Certificate” from it. You should buy one before you firm up your offer. The simplest way to do this is to have your agent make the offer conditional for 10 days to allow you to obtain the certificate, review it with your lawyer and be satisfied with its contents and attachments.

These certificates contain, among other things:

confirmation of the amount of the reserve fund; whether the unit you are buying is up-to-date for common expense payments; whether there are any large increases in monthly common expenses being considered; whether there are any special assessments being considered; whether the corporation is a party to any legal actions; a copy of the current budget; the most recent audited financial statements; and copies of the condominium’s Declaration, By-laws and Rules

(Tip: Read the rules carefully: if you don’t think you can abide by them look somewhere else but also keep in mind that all condos have rules.)

5. THE AGREEMENT OF PURCHASE AND SALE – OLDER CONDOMINUMS

Local real estate associations have developed standardized forms specifically designed to be used when purchasing a condominium. Make sure the offer you are making is the one used locally for condominiums. Ensure your offer contains a condition allowing you time to get a status certificate and get it to him/her promptly so they have time to review it and discuss it with you. Watch out for standard clauses that are crossed off when the offer is returned and discuss them with your lawyer.  If you are borrowing money from a bank for your purchase make sure you know how much you will be able to borrow and are pre-qualified for the loan before you make an offer.

6. DISCLOSURE STATEMENT- NEW CONDOMINIUMS

A Disclosure Statement is a package of information about a new condominium that is to be built or is under construction. It contains much of the same information as the Status Certificate. When buying a new condominium unit from a developer, a purchaser is guaranteed a 10-day “rescission” period, within which they can review the disclosure package, preferably with your lawyer. If you don’t like what you see, you can rescind your offer to purchase and receive your deposits back if you do it within the ten day rescission period.

7. THE AGREEMENT OF PURCHASE AND SALE – NEW CONDOMIUMS

In a seller’s market, it is often difficult to negotiate any changes to the sales agreement being offered by the developer, however, there is no harm in asking. As an example, most agreements contain provisions setting out what additional costs may be charged back to the buyer at the time of final closing. These are called “adjustments”. It may be possible to negotiate some of these charges. These provisions must be read carefully as they can easily add several thousand dollars on to the purchase price. Make sure you have your lawyer review the Agreement; he or she may have additional recommendations.

You will also be asked to make additional deposits, so make sure that you have funds available to meet all deposit requirements before you firm up your offer.

In a new condominium, it is not unusual for you to be asked to take occupancy of the unit months before the developer is in a position to transfer the ownership of the unit to you. During this “occupancy period” you must pay an occupancy fee, (similar to rent), to the developer. When budgeting for your purchase, you should ensure that you have at least three – six months’ worth of occupancy fees available.

For more information, visit www.condlivingphil.com