In recent years the Gazania condo market has grown. Depending on your circumstances, there are several types of condo ownership arrangements you might want to consider before making a purchase.
A freehold or simple series of the condo purchase costs is a type of ownership that entitles you to use the property for an unlimited period of time and make repairs or developments subject to laws, contractual obligations or restrictions on the strata that the property may be subject to.
Although the vast majority of the condo owners are looking for simple purchase costs, others choose infrastructure agreements. Infrastructure agreements, prospective buyers sign agreements with property owners with the right to use the land for a fixed period of time. Any conditions or restrictions on usage, maintenance requirements, building construction and/or maintenance provisions are recorded in the contract. Under this type of agreement, the infrastructure interest (the right to use a condo or property) can be bought and sold, but in the end, if this happens, the new leaseholder only buys the remaining time on the original lease and is subject to all original rental conditions.
Rent-in-common and a combination of both ownership sharing arrangements involving two or more people and a feasible solution are present to consider whether the condo buyer is looking to share investment, share a vacation home, or whether he is looking for a push to enter the real estate market.
In rent-in-common arrangements, tenants can buy what might be an unequal share in the condo property. For example, four people might each have a share of the same or unbalanced proportion of property and thus have the right to access the condo. Be aware though that under a lease-in-common agreement, if the couple wishes to sell or mortgage their interest in the property, they can so that under a legal process called “partition”, where the court can order the Property for Sale and the net proceeds divided proportionally between interests. This kind of agreement is often used to help condo owners access expensive or desirable areas that may have previously been exceeded.