can you own a condo

Renting Out Your Condominium: Six Facts You Need to Know – Fact #2: The condominium corporation can ask you for a security deposit. If you are renting your unit, the condominium corporation has the right to ask you for a security deposit to cover any damage that may be caused by your tenant to the common property. The security deposit can be a maximum of one month’s rent.

Sorry, That's Not Allowed – Owners' Rights vs. Condo Rules. – Why don’t you make a complaint of your own to the condo association. If that doesn’t work, just invite a few friends over for a dance party – trust me that will create much more noise that your downstairs neighbors can hope to create.. Jim on Owners’ Rights vs. Condo Rules: I live in a condo.

How do I buy a co-op or condo under an LLC? –  · "Unlike a co-op, a condo can’t say yes or no to your purchase, all they can do is exercise the board’s right of first refusal, which very few buildings do." With a co-op, however, there are more potential problems to head off, and you’ll want to find out about a.

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In a condominium (commonly known as a condo) some parts – your residence – are owned privately, while others – common areas – are owned collectively by all of the condominium’s residents. A less technical way to think of a condo is an apartment that you own.

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Who owns the land a condo is built on? – Quora – When a Condo is developed the land and common elements becomes the property of the Condo Association (a non-profit corporation). Each unit owner owns the air space within their unit and they own a percentage of interest in the condo association. A.

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Can I get a reverse mortgage on a condo? | Nolo – You can get a reverse mortgage if you own a condominium, as long as it is your principal residence. reverse mortgages are not limited to single-family detached homes. Read on to learn more about how reverse mortgages-including the FHA’s Home Equity Conversion Mortgage, as well as proprietary reverse mortgages-work.

 · A condo MUST be in an approved project-and the approval list is short! In order for the FHA to make a loan in a condominium project, the project itself must first be approved by the FHA. Unfortunately, only a small number of condominium projects in any given market area appear on the FHA list of approved condominiums.

Can I Buy A Private Property If I Own A HDB? – Are You Ready – Yes you can buy a private property if you own a HDB. It may be a good investment for those who are thinking to go into property investment. You don’t have to sell your HDB and buy 2 condominiums in order to rent it out.