Commonwealth Towers Condominium Singapore
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 Commonwealth Towers Condominium Singapore common elements.
In 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.
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.
There are many types of real estate properties such as single family unit, multifamily unit, apartments, condotels, townhouses and condominiums. We already know what a single family unit is, what a multi-family unit is, what apartments are, as well as condotels and townhouses, but little about condominiums. This article is made to end the curiosities of many people about what condominiums are.
Condominiums are a type of home ownership where homeowners own individual units of a building such as an apartment within a high-rise. People who like city living should choose condominium unit because Commonwealth Towers Condominium Singapore properties are specifically designed to provide multi-family housing in a densely populated environment.
Owners of condominium units share common areas such as gym, swimming pool, game room, gather room, and tennis rooms. Also, they share a particular set of rules which they called Covenants, Conditions and Restrictions. These rules speak about the responsibilities of every unit owner and about things which are prohibited doing in the building such as having a pet or renovating any part of the unit. These rules somehow vary to other condominium buildings‘.
Foreigners and foreign juristic persons are allowed to own a condominium unit in their own name, but keep in mind that this refers to ownership of an apartment unit in a condominium building registered under the Condominium Act. Not all apartment buildings are registered under the Condominium Act. Unregistered apartment buildings are common in the tourist areas and foreigners are often not aware of the difference between a unit in a condominium registered under the condominium act and a unit in an unregistered apartment building. Both buildings and units may look the same, however, in case of an unregistered apartment the legal protection is limited compared to the protection offered to the owners and purchasers under the Condominium Act, and only registered condominiums offer freehold ownership over the units.
In case of an apartment building which is not registered under the Condominium Act the units do not have ownership unit title deeds (ownership of the units is not legally separated from the building as a whole) and the units can only be leased as part of a building, or the building as a whole must be in joint ownership by all unit purchasers together, however, this will not include the land the building stands on, as foreigners can’t own land. Only in case of a true condominium the individual units offer freehold ownership and the land is jointly owned by all the unit owners.
The main document of ownership in a true Commonwealth Towers Condominium Singapore is the unit title deed issued and administrated by the local Land Office. The local Land Office is responsible for the transfer of ownership and registration of ownership of the individual units in the condominium building. The apartment unit title deed is proof of ownership. Proof of ownership should not be confused with a ‘house book’, which is an official document issued by the local Administrative Office and contains the full address and the occupants of an apartment (not necessarily the owner of the building or apartment). Apartments in a building not registered under the Condominium Act the units may have a separate ‘house books’; however this should not be confused with an ownership document.
As in all property investments, it is important to hire the service of a reputable lawyer or trusted real estate agent who can advise and assist you in the purchase and who makes sure that everything is checked out, the condominium is registered under the Condominium Act and to ensure the unit is correctly registered into your name.