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Rent is a specific term that implies use of an asset that you do not own. Unless you are a tenant and your landlord owns the condominium, you do not pay rent.
When you buy a condominium, you do, however, agree to pay monthly assessments. Assessments collected by the association are used to pay the operating costs of the community. Costs may include:
- professional services, including property management, attorney, CPA and so forth
- operational services, including landscape, pool, elevator, preventative maintenance and so forth
- master insurance policy premiums that insure the physical property
- contributions to reserves so that when it's time to replace major real estate assets, such as a roof, or the windows, the association has the funds to pay for the replacement
- other unique expenses based on the unique assets owned
Read your governing documents to understand that as an owner you have a responsibility, both tied to the title you hold on the unit and potentially a personal liability to pay your monthly assessments.
When you don't pay your assessments, your board can file a lien against your title, and potentially foreclose on your title to satisfy this debt that you owe.
What else can I help you with?
Where can I learn more about the differences in buying a home versus living in a condo?
If you live in a home, you have greater freedom of expression and no rent, but you do have to pay mortgage. For condos, you have to pay rent and have limited freedom of expression, but you do not have to pay most utility bills.
How much does a person pay to rent a condo averagely?
'Averagely', your answer depends on the property, its location, its size, its amenities and so forth. There is no standard.
If you buy a house, do you still have to pay rent?
No, if you buy a house, you do not have to pay rent. Instead, you make mortgage payments to the bank or lender who provided the loan for the house purchase.
Would you like to rent a car now and pay for it later with a buy now, pay later option?
Would you like to rent a car now and pay for it later using a buy now, pay later option?
How much does section 8 pay towards rent for a 1 bedroom 1 bath condo in valencia ca?
A local realtor can answer your question.
How much can one expect to pay for a one bedroom condo rental in Breckenridge?
A lot depends on wich condo you rent in Breckenridge. The prices for a condo range between 250 dollars a night and 1100 dollars a night. Some condos also offer a free night.
Why do people work today?
For money to buy food, pay rent, buy clothes, pay utility bills, and to pay for other necessities and luxuries.
Can you take a loan in Monopoly to buy properties or pay rent"?
No, in Monopoly, you cannot take a loan to buy properties or pay rent. You must use the money you have on hand to make transactions in the game.
How do you delete my profile from Shtyle.FM?
I own a condo but the people who live there refuse to move out i got a letter from my lawyey that they must leave at the end of the month but i dont think they will leave they pay there rent evey month but i want to sell the condo .What can i do.
Why do some women become strippers?
To pay the rent and buy the groceries.
Where do people that don't pay rent live?
There are four basic housing possibilities in today's world:Own your home (or condo)Rent your home (or apartment)Live in some sort of housing designed for the destituteLive on the streets without a home
What is rent to buy?
This is a transaction whereby you first pay rent and if you decide to buy it, then the amount you paid in rent goes toward the purchase price. This is kind of like a mortgage but minus the initial down paymentA rent to buy scheme is where someone pretends to let you rent their house to buy, but they have no intention of actually allowing you to own it in the end.
