continental condominiums


July 28, 2010

Condominium Owner Upset Over Legal Fees

Filed under: Condominium Articles — Tags: — admin @ 8:37 pm

“One of the prior board members sued the five people he blames for starting the recall against him. If that attorney asks the board who will pay for his or her legal fees, can the board meet and decide without notifying the owners? Is it legal to use condominium funds to pay these legal fees?”

Legal counsel to the condominium association is provided by the condominium attorney. That legal counsel does not represent the board or a single member of the board, nor any particular officer. Although the attorney usually communicates with one member of the board, the board president or other officer of the board, that person is not the client of the attorney. The condominium management company also is not the client of the attorney.

The condominium association as a whole is the client. The attorney does not represent the interest of one or more owners or any particular group of owners. The attorney must represent only the association. Owners frequently challenge this concept by suggesting that since the attorney advises the board, he or she represents the board.

Another misconception is that condominium owners think that legal counsel is available to answer their questions as well as the questions the board may have. Owners sometimes need to be reminded that the board and the attorney are on the same team and that the attorney provides advice to only those who govern the condominium association.

Check the Declaration and Bylaws for what they say about when the board is permitted to call a meeting without the owners present. If those two documents do not speak to this issue, then you can assume the board is permitted to do so at any time that is convenient for them. That being the case, a board may call an emergency, closed meeting at their discretion without notifying the owners for matters such as delinquencies, employee problems, and some legal issues.

The legal counsel is a contractor to the association the same as the landscaper, accountant, insurance agent, management company, etc. Therefore, he or she must be paid from the funds of the association just as all the other contractors. As described above, you must remember who the client of the attorney is. Association funds may not be used to pay the attorney for anything other than his or her representation of the condominium.

It is the board who determines which contractors are hired to provide services to the association. That decision also includes consideration of the costs. Owners are not involved in the matter of either selecting the contractors or how much they are paid. According to the condominium governing documents, there are usually only two powers the owners have, electing and recalling board members and voting on the addition and removal of capital assets of the association.

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July 24, 2010

Can Foreigners Own Property in Thailand?

Filed under: Condominium Articles — Tags: , , , , , , , , — admin @ 8:09 pm

Question: Can a foreigner own a freehold condominium in Thailand?

Answer: Buying a Condominium in Thailand is perhaps the simplest and easiest option available to foreigners who want to own property. The only restriction on purchasing a Condominium in Thailand is that the percentage of livable space sold to foreigners cannot exceed 49% of the total space available in the complex and that the funds used to buy the condominium have been remitted from abroad and recorded as such by a Thai Bank on a Foreign Exchange Transaction Form (Tor Tor 3). The owner of each Condominium unit is issued with a title deed (Chanote) clearly showing the foreigner as the legal owner of the unit.

Question: What are the requirements for a foreign individual or organization to purchase a condominium in Thailand?

Answer: In order for a foreigner to purchase a condominium one of the following requirements must be met:

1: A foreigner has permanent residence in Thailand in accordance with Thai Immigration Law.

2: A foreigner is allowed into or resides in Thailand in accordance with Thai Investment Promotion Law.

3: A foreign legal entity is in accordance with the Announcement of the Foreign Business Act BE 2542 (AD 1999), and has been granted an Investment Promotion Certificate in accordance with the Investment Promotion law.

4: A foreigner or foreign legal entity who brings foreign currency into Thailand, or brings in Baht currency from the account of a person residing abroad, or uses foreign currency from their deposit account. This requirement is normally met by the presentation of a Tor Tor 3 form which is provided by the bank receiving an incoming remittance from abroad.

Question: Are foreigners allowed to own land in Thailand?

Answer: Under strict application of the existing law it is officially prohibited for foreigners (including both individuals and companies), to own land in Thailand. However, there are exceptions to the prohibition found in the law itself. There are also other methods of arranging for the purchase of land in Thailand.

The Land Code has been amended to allow foreigners to own land if all of the following requirements are met:

1. The land is for residential purposes.

2. The land does not exceed one rai (1 rai is approximately 0.4 acre).

3. No less than 40 million baht is remitted into Thailand for investment.

4. Foreigners abide by Ministerial Regulations governing the nature of the business that the foreigner will engage in, the period of time for maintenance of the investment, and the location of the land owned.

5. Permission is granted by the Board of Investment (BOI). According to section 97 of the Thai Land Law, the definition of a foreigner includes a Thai registered company or partnership in which more than 49% of the capital is owned by foreigners or of which more than half the shareholders or partners are foreign citizens. This does not happen often.

Question: Can a foreigner acquire land or property in Thailand through a Limited Company?

Answer: Yes, one method foreigners can employ to acquire land or property is by forming joint venture companies with majority Thai ownership but with adequate safeguards to protect the foreigners’ minority interest. If a foreigner plans to run a business in Thailand then he may purchase the land freehold through his Thai majority limited company. The land will be owned by the Thai Company, not by the individual. It is important that the non Thai minority shareholder should not own more than 38%, as any foreign shareholding structure greater than this is normally investigated by the Land department.

Question: What are the different types of rights to private land?

Answer: Land can be controlled through the right of possession or through title deeds and other documentation. Individuals who actually possess and use land may have the right to possess such land under the Civil and Commercial Code. The primary form of evidence for ownership of land is a title deed (Chanote or Nor Sor 4). These title deeds must be registered at the Land Department in the province in which the land is located. It should also be noted that a parcel of land may be commonly held by several individuals. A person whose name appears on a Chanote, or Land Title Deed, has all the legal rights to that land, can produce the deed as evidence of ownership to Government officials, can prove the land has clearly defined boundaries, and can engage in legal acts upon that land as allowed by law.

Question: My wife is a Thai National, can she own land?

Answer: Yes, since 1999! Before 1998, any Thai who married a foreigner would lose their right to purchase land in Thailand. They could, however, still retain land owned prior to marrying the foreigner. The Ministerial regulation from 1999 now allows Thai nationals married to foreigners the right to purchase land. The Thai spouse must prove that the money used for the purchase of freehold land is legally and solely theirs with no foreign claim to it. Normally this is done by the foreign spouse signing a declaration stating that the funds used for the purchase of property belonged to the Thai spouse prior to the marriage and are beyond his claim.

Question: I am married to a Thai. We would like to build a house on land given to us by my wife’s mother. What is the best way to secure my investment (I am paying to build the house) in case of breakup.

Answer: Signing a long term lease with your wife and registering that lease at the Land Office is the most secure way of protecting your investment. If you have a child they may own the improvements in their name. We suggest you contact a lawyer who can advise you in more detail.

Question: Can foreigners own buildings even if they don’t own the land?

Answer: YES. Although Thai law prohibits foreigners from owning land in Thailand, foreigners have the right to own buildings. A common structure is for the foreigner to enter into a long-term lease for the land from a Thai company or individual, and to build the home which the foreigner owns.

Question: Can I buy property in Thailand while out of the country?

Answer: Yes. A person wishing to buy property, including a foreigner, may purchase a property without being present at the time of registration of ownership at the Land Department. This shall be done by appointing, by a power of attorney, a lawyer or some other person to act on your behalf.

Leases & Rentals

Question: Can a foreigner enter into a long-term lease for land?

Answer: Because of the barriers in place to the purchase of land by foreigners, one of the most effective ways to acquire land that a building resides on is to “purchase” the land on a 30-year leasehold with an option to extend the lease for subsequent 30-year periods. Leases are limited to 30 years, except on land for industrial purposes or commercial leases, which may be established for 50 years. Similarly, lease extensions are capped at 30 and 50 years respectively. Possession of the land leased for an already owned building is protected by the fact that the building rests on the land; ownership of the building is separate from the land and cannot be seized by the lessor once the lease expires. Leases exceeding three years are enforceable for only three years unless they are registered with the Land Department. Therefore, a 3-year or longer lease must be registered with the Land department. In addition, a lease continues to be valid even in the event the property on the land is sold.

Question: Are condominium long-term leases available?

Answer: Yes. Condominiums may be leased to foreigners for periods of up to 30 years and may have options to renew. This structure is becoming more popular for foreigners who want to “own” a condominium in a building which exceeds the foreign ownership quota. It is also a viable structure for elderly or others who want to enjoy a property for several years but do not want to purchase a property. Leases of greater than 3 years are required to be registered with the Land Department.

Question: Can a foreigner legally rent out property in Thailand?

Answer: Yes. A foreign-owned property may be leased out to another third party. Rental revenue is subject to a 12.5% tax on the annual income.

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July 20, 2010

What Type of Condo is Right For You?

Filed under: Condominium Articles — admin @ 8:23 pm

Over the last decade, the face of downtown Toronto has changed dramatically. Where parking lots and vacant land used to be, you can now find condominiums in various shapes and forms. With so many options to choose from, how will you determine which type of condo is best for you? Let us look at your options.

When you purchase a condo, what you are really buying is a particular unit along with shared ownership of the common elements. These include the lobby, parking, elevators, hallways, pool, recreation areas, etc. The maintenance fee you are asked to pay every month goes to a fund that will then cover such things as maintenance, building insurance, upkeep, security, property management, etc. These maintenance fees are based on the size of your unit but can vary depending on the age of the building, its location, and its size.

One of the most popular type of condominium is the condo apartment. In this case, you are buying one unit in a complex that houses many more units. Condo apartment buildings can range from a few stories and a few dozen units to very tall skyscrapers with hundreds of units. A condo apartment can be a flat, a two story unit or even a loft. The size of these condo apartments can range from a small 300 square foot studio for a 2,000 square foot three bedroom unit. Most condo apartments are relatively small and offer one or two bedrooms. They are often located in the downtown core but can also be found along the waterfront and in various neighborhoods across the city. Condo apartments can be ultra luxurious with high finishes and spacious layouts. However, these particular condos come with a very hefty price tag. Condo apartments are popular with young professionals as well as baby boomers looking to downsize.

Another very popular type of condominium is the condo townhouse. Much like the condo apartment, the owner of a condo townhouse will own the interior of his home while the exterior is shared among all the unit owners. Maintenance fees are paid monthly for the maintenance of the exterior and common elements. Generally speaking, maintenance fees are lower for condo townhouses. This type of homes are often two or three stories tall and feature two or three bedrooms along with a garage and patio or deck. Townhouses appeal to young families because it offers them the space and convenience of a single-family home without the higher price tag and the maintenance required from a detached home. Condo townhouses can be found in the city center as well as in the suburbs.

Finally, we have the co-op option. In this case, you are buying shares in a corporation which then leases an apartment to you. You do not own the specific unit that you live in but instead own a portion of the overall building. Co-op condos are a little less popular than the other two options because the ownership is not unit specific but also because a higher down payment is required, often 30 to 50%.

Before setting out to shop for your next condominium, take a moment to look at your lifestyle and housing requirements. Are you a young twenty-something buying a first property where location and affordability are more important than space? Then a condo apartment may be the right choice for you. However, if you are starting a family and would like to have space and a more traditional home setting, then the condo townhouse may be the best option for you.

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July 16, 2010

Flamingo Condominium Mixes Elegant Living With Miami Beach Style

Filed under: Condominium Articles — Tags: , , , , , — admin @ 8:07 pm

The Flamingo is a beautiful high-rise condominium in the center of South Beach, FL. However, unlike other condominiums in Miami Beach, The Flamingo sets itself apart because it’s not only a place to live, it’s a lifestyle! I witnessed this ultra sexy lifestyle first hand when I visited the property for one of their famed pool parties a couple weeks back. There was so much beauty to behold that it was difficult to decide what to put your attention on!

The gorgeous infinity pool is set right on the bay overlooking the Downtown Miami skyline. It has a cascading water-fall feature that just adds to its magnificence. The lounge furniture that surrounds the pool was plentiful and filled with the sexiest bodies South Beach has to offer!

Next was the fun, casual, resort style atmosphere that only The Flamingo can create. There was a phenomenal DJ playing all of the latest hits. 944 Magazine was having a promotional event featuring their magazine and some of the latest fashions in swim wear. Stations of free ‘Mojitos’ and rum with mixers were available through out the entire deck overlooking the pool. What more could you ask for!?

As a guest, I felt like I had entered the Garden of Eden! It became clear that The Flamingo has the reputation of being and offering so much more than just a place to call home! I now understand The Flamingo’s famed saying, “South Beach revolves around us.”

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July 12, 2010

Property Types

Filed under: Condominium Articles — Tags: — admin @ 8:36 pm

Freehold, condominium or cooperative housing? Here’s a quick guide to help you determine the type of property you are interested in buying

As you begin your quest for buying your property and you carefully review the study of the property listings, you’ll soon be confronted with a new vocabulary which may seem strange. You will come across terms and acronyms such as “property”, “estoppel” and “MLS. When it comes to property types, the words seem a little more known, but their meaning is not always clear.

This is not a foreign language, and this is not the fault of a property agent who’s keyboard is malfunctioning. It is the language of property agents. If it seems confusing, do not worry: your translator will help you!

In the property sector, there are three major categories of properties. The terms “freehold”, “cooperative housing corporation” and “condominium” are expressions used to define the rights and responsibilities attached to the owner’s home.

These types provide the owner with a variable degree of freedom in decorating and renovating the property, and impose regulations that restrict certain behaviors. They can also define the responsibilities for various tasks to maintain the site.

Here are the basics you should know about the different types of properties:

Freehold

The owner owns the house and grounds.
The freehold better preserves the privacy of the owner and provides him greater freedom of choice than any other type of home. The homeowners can decorate and renovate as they please.
The owners are also responsible for all maintenance, both inside and outside of the house.
The freehold ownership types are the most common.

Condominium

The owner owns his property and shares ownership of common areas. The condominiums are usually located in residential buildings, but they can also be found in lots of townhouses and lots of separate buildings on private roads.
The owner is responsible for the interior of her home (all that is within the coating on the walls). The condominium association is responsible for maintaining the building exterior, common elements within (halls, elevators and garages, for example) and the ground.
All owners pay a monthly fee to the condominium association to cover maintenance and utility costs and shared taxes.
The condominiums are subject to strict rules regarding noise, use of common areas and renovation of units. This formula preserves less privacy than owners of individual houses.
The condos are generally less expensive than freehold houses.

Cooperative Housing

Formula of the cooperative, or “op”, is similar to that of the condominium except that instead of owning your unit, you have an interest in the entire building or complex.
Repairs and maintenance are funded through a monthly amount paid by residents, which are subject to regulations established by the board of the cooperative.
If you decide to sell your participation and to move, the board of directors of the co-op has the right to reject your prospective buyer

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July 8, 2010

Corpus Christi is Beautiful, Dangerous

Filed under: Condominium Articles — Tags: , , , — admin @ 8:23 pm

When the skies are blue, the air is warm, and the water rolls up to the sandy beach gently and hypnotically, it’s hard to imagine being anywhere more beautiful than in Corpus Christi, Texas. However, once every few decades, Mother Nature reminds residents that she is not to be taken for granted.

In 1919, one of the most intense and deadly storms of the 20th century struck the town, killing 287 people after already wreaking its devastation on Florida where between 800 and 900 lives were lost. In 1967, Hurricane Beulah made landfall near the town with a storm surge so powerful that 31 new channels were cut on Padre Island. Hurricane Celia swept through just three years later and although the damage was extensive, loss of life was minimal because of the city’s preparedness.

This kind of advance planning is one of many reasons residents of Corpus Christi, Texas hang their shingle that says “Home Sweet Home.” A major military town, the Corpus Christi Army Depot and Naval Air Station Corpus Christi provide over 6,000 jobs to the local economy. In addition, the Port of Corpus Christi is the sixth largest port in the U.S. with tons of agricultural and oil products coming through daily.

Besides a strong job market, another major advantage of living in Corpus Christi was being named the first city to establish free Wi-Fi throughout the town. Eventually city officials eventually sold the network to Earthlink, but that the service was the first-of-its-kind in the country demonstrates the long vision of the community leadership.

While the average salary is just a little less than the Texas average income, homes for this Gulf community are affordable. The median price new buyers paid in the town two years ago right after the real estate hey-day was just under $138,000. Condominium units were even more affordable, averaging about $120,000.

Affordable homes, endless beaches, ocean activities, and great opportunities for elementary, secondary, and higher education are really help Corpus Christi rate as one of the best communities in Texas to call home.

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July 3, 2010

Cheap Condominium Homeowners Insurance Information

Filed under: Condominium Articles — Tags: , , , , , , , , , , — admin @ 8:32 pm

If you are living in a condominium, you should seek for quality information about condo insurance. It pays a great deal to understand the fine prints of condominium insurance if you want to enjoy a cheap policy with high quality service.

First on the list, you need to know how the rates you pay are calculated. This is different from one insurance company to another, so you are advised to ask a professional in your desired insurance company for the factors with which your condo insurance rates are calculated. Also, there are agents online that can link you with different companies at once thereby saving great time in getting this useful information.

The regular condo insurance seems cheaper than the regular homeowners insurance. A good reason for this is the security provision made available in many condo facilities. People who live in condo normally do not bother much about security because the security unit takes note of every visitor coming in and out of the condominium building and premises.

On the other hand, your condo insurance can also be more costly than the regular home-owners insurance if your condo is situated in an area with high records of burglaries, youth restiveness and vandalism etc. Please make sure your policy will pay for the replacement of your valuable properties in case there’s an accident and some items got missing.

Knowing about the actual cash value coverage and the replacement cost coverage for your condo very important. The best way to understand this coverage types fully will be to get a free professional consultation service from condo home insurance agents. These agents are loaded with a lot of useful information many insurance companies and will willingly furnish you with details free of charge! To connect with these agents, you have to start by comparing free quotes on home insurance, selecting condo insurance as your needed service.

Where To Start?

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The World’s Most Interesting Career – Your Apartment Or Condo Superintendent Has It

Filed under: Condominium Articles — Tags: , , , , — admin @ 8:26 pm

At one time or another during our lives most of us will live in an apartment. Apartments are convenient. No mortgage is required. Simply be gainfully employed. Have the first and last months rent on hand. Have a clear credit report and most likely you are approved. For singles shedding their mom’s apron strings, young couples starting out, seniors downsizing from the spacious house, as well as those who simply decide not to purchase a house or condominium, an apartment may be the answer.

As a tenant, you will possibly require the services of the superintendent whose job it is to not only maintain the building you live in to a high standard but to also take care of the many little things that can go wrong within your apartment.

The job of a building superintendent is the perfect one for someone who has handyman skills, enjoys dealing with people, and wants to work from home.

Superintendents quickly learn that there are two distinct types of residents. Renters and condominium owners.

Renters are staying in a residence owned by a landlord. The super represents the landlord, makes any repairs necessary to the common areas of the building as well as those that occur within the apartments. He or she collects the rent, does the banking, and tends to the garbage and recycling removal. Renters pay rent for their suite. This rent is determined by the market by the landlord.

Condo owners purchase a suite in what is called a strata titled building. They become owners of their suite as well as part owner of the entire building and grounds. Since the owners owns part of the building etc. they must contribute to the costs of upkeep including insurance, superintendent salary, property management etc. By law, a portion of the fees must be set aside for a contingency fund to cover the eventual cost of replacement of the common areas of the buildings as well as the roof, air conditioner, elevators and the hundreds of items that make up the structure.

Experience will show that condo owners are more careful about keeping their building clean as compared to renters.

Condo supers do-not do any services within the suites. Rental supers do. Many superintendents have tried both and found that the extra work servicing the apartments is worth it as compared to the easier work in carrying out their duties in the condo building. Attempting to please the council can be very frustrating.

The secret of getting the job done in either situation is knowing who to call in any situation. Generally the super will do small repairs such as replacing a tap washer, checking small leaks, touching up paint and that sort of thing. Beyond the little problems the professionals take over. For instance, a small leak in a kitchen hot water tap will require a washer replacement. Easily done by the super. A leak from under a toilet should be carried out by a professional plumber.

If you are considering taking on a position as a superintendent then by all means, take a course and go for it.

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