When buying a condo, certain questions come to mind of which when answered will give a clearer picture of the right decisions to make in the long run. Buying a Condo can be tricky but not as difficult as one imagines. However, knowing the requisite questions to ask is key.
Below are five important questions to ask when next you are buying a Condo:
1. CAPACITY OF OWNER TO SELL THE CONDO:
In the course of buying a Condo, the questions that arise in the mind of the buyer is whether or not the vendor has title to the Condo, the buyer of the Condo can request for the title deed and ask if they can be inspected. Subsequently, the buyer can also inquire if the title deed will be handed over on completion of the sale. This is done to know if there is any encumbrance on the property and the validity of vendor ownership. Where there are encumbrances on the Condo, how the vendor intends to discharge same.
Another thing worthy of consideration under this head is to know if the condos duly registered and the building plan authorized.
The importance of this can not be overemphasized as any defect in the title of the vendor can lead to unending litigation.
2. METHOD OF SALE AND LOCATION OF PROPERTY:
What are the methods of payments involved in the buying of the condo? Is it a cash or credit transaction or can the condo be bought through a hire-purchase arrangement? What is the amount fixed for the condo? Does the amount fit my budget? Can I pay such an amount to buy a Condo? Does the location of the Condo fit my taste and style? These are some of the key things to note at the onset of the transactions if the location of the Condo does not fit your budget or where the amount fix for the Condo is way higher than the surveyed market price then is not worth it. On the other hand location of a Condo is very important, is the environment serene? Is the building standard? As well as the security of the area.
3. FACILITY IN THE CONDO:
The facility in the Condo as well as the fixtures and fittings such as fire indicators, sound proof doors, and windows just to mention as few. The question here is what exactly am I paying for; am I paying for the Condo separately or are the fixtures and fittings inclusive? Or am I charged for the fixtures and fittings after the purchase of the Condo, do I have the right to reject faulty fittings where the vendor hides a latent defect? What is the right of the purchaser? this is to know if consideration could be returned for such defect
4. INSURANCE POLICY AND PROVISIONS:
In the case of an unforeseen event in whose name will the condo is insured, is the Condo be insured before now? These are necessary and important to protect the buyer of the Condo where insurance provisions are absent. Once a contract of sale is exchanged the buyer assumed the risk that affects the Condo, that is to say, the buyer bears the loss. Generally, the terms and conditions of an insurance policy include; the rights and liabilities of the parties insuring such property, the amount of the insurance cover and the application of the money if an incident of such arises.
5. SERVICE CHARGE:
When buying a Condo what are the charges that the buyer is entitled to pay for? These services can be for tenement rate, electrical bill, refuse disposal rate, ground rent. These are things worthy of note to know the additional expenses to be incurred after buying the Condo.
In conclusion, the key requisitions enumerated above though not exhaustive, are paramount guides to buying a Condo.