Condominium Property Case Study
Real property development is one of the emerging businesses in today’s world. Condominium property or multi storey buildings are an important feature of real property development (Siniti, 1990).
The condominium property can be defined as a form of land ownership that combines private ownership of an individual unit in a multi-unit building with an undivided share of the common property in the building and a right to participate in the collective governance of the private and common property (Kowshala, 2002). Furthermore condominium is described as a building or structure of two or more units, the interior space of each unit being individually owned and balance of property being owned in common by the owners of individual units (Siniti, 1990). …show more content…
This is expressed by the maxim “superfices solo cedit” (Van Der Merwe, 2008). Therefore if a land is disposed of the building would also be generally transferred with the land (Swaminathan, 2003). Accordingly condominium incorporates the buildings, land together with the legal ownership.
Type of condominiums comes in various physical forms in world cities (Sureshkumar, 1995). Some of them are single user category buildings which comprise only residential condominiums. Others are multi user category buildings with mix of residential units, shopping complexes and office buildings as adjoining entities. Again, there can be three types of condominium complexes depending on the ownership, such …show more content…
This research attempts to identify the current problems in the registration of condominium and the effects of the condominium registration for occupants of condominium apartments and condominium developers.
PROBLEM STATEMENT
Condominium property development is one of the vital aspects in real estate market. Especially in urban areas where land is limited with inadequate housing for the increasing population, multi storey buildings subdivided as condominiums have been the solution for urban housing. In an emerging economy, condominium living can be an attractive housing option if issues of concerns faced by buyers can be minimized (Siniti, 1990).
Ownership rights to residential property appear to be widely respected throughout the world today (Butler, 2008). Moreover the registration of condominium property development is very significant since it provides a legal ownership to the property. Even though the problems typically arise not from the absence of rights or challenges to rights, but from ambiguities in legal rights, the inability to properly document rights to the satisfaction of traditional lenders, or legal restrictions on how rights may be
The condominium property can be defined as a form of land ownership that combines private ownership of an individual unit in a multi-unit building with an undivided share of the common property in the building and a right to participate in the collective governance of the private and common property (Kowshala, 2002). Furthermore condominium is described as a building or structure of two or more units, the interior space of each unit being individually owned and balance of property being owned in common by the owners of individual units (Siniti, 1990). …show more content…
This is expressed by the maxim “superfices solo cedit” (Van Der Merwe, 2008). Therefore if a land is disposed of the building would also be generally transferred with the land (Swaminathan, 2003). Accordingly condominium incorporates the buildings, land together with the legal ownership.
Type of condominiums comes in various physical forms in world cities (Sureshkumar, 1995). Some of them are single user category buildings which comprise only residential condominiums. Others are multi user category buildings with mix of residential units, shopping complexes and office buildings as adjoining entities. Again, there can be three types of condominium complexes depending on the ownership, such …show more content…
This research attempts to identify the current problems in the registration of condominium and the effects of the condominium registration for occupants of condominium apartments and condominium developers.
PROBLEM STATEMENT
Condominium property development is one of the vital aspects in real estate market. Especially in urban areas where land is limited with inadequate housing for the increasing population, multi storey buildings subdivided as condominiums have been the solution for urban housing. In an emerging economy, condominium living can be an attractive housing option if issues of concerns faced by buyers can be minimized (Siniti, 1990).
Ownership rights to residential property appear to be widely respected throughout the world today (Butler, 2008). Moreover the registration of condominium property development is very significant since it provides a legal ownership to the property. Even though the problems typically arise not from the absence of rights or challenges to rights, but from ambiguities in legal rights, the inability to properly document rights to the satisfaction of traditional lenders, or legal restrictions on how rights may be