A condominium or ‘condo’ is a building structure divided into several units that are separately owned and which are surrounded by common areas that are jointly owned by all owners of the units. The common areas may include the compound, staircase, hallways and amenities such as a swimming pool, children’s play area and gym. The difference between an apartment building and condominium is entirely based on ownership. In a condominium, each unit owner holds legal title to their individual unit. This means they have the right to use and occupy their unit exclusively. However, the common elements are owned by all the unit owners as tenants in common.
Next, you need to go to the Register of Deeds office in the city or municipality where your condo unit is located. Present the documents and pay the necessary fees for the transfer of ownership. A Contract to Sell is a preliminary agreement between the buyer and the seller. It outlines the terms and conditions of the sale, including the purchase price, payment terms, and other relevant details. This document is usually signed before the actual transfer of ownership takes place and serves as proof of intent to sell and buy the property.
KL48 Residences, Sungai Besi
There is also a restriction that at least 25% of the units in the condominium shall be sold to ‘buyers in the market’. Nevertheless, it would appear from section 15 of the Condo Law, read together with certain express references in the Condo Rules to the ability to convert state-owned land into condominium land , that state-owned land may be registered as condominium land. This is all welcome news, in particular for the owners of the many developments currently being built under BOT projects. Mirah Investment & Development takes pride in being recognized by prestigious global publications for our outstanding contributions to the real estate landscape in Bali and across Indonesia. Our dedication to delivering ultra-luxury properties and exceptional investment opportunities has garnered accolades and features in renowned platforms such as USA Today, Market Watch, Forbes, South China Morning Post, and FOX. Immerse Yourself in Wellness and Investment at Sunny Wellness SPA Sunny Wellness SPA is a revolutionary project in Bali, unlike anything else on the island.
- With its 999-year tenure, Ki Residences is a home poised to stand the test of time.
- A condominium is a type of multiunit dwelling where each owner has exclusive ownership of an individual unit.
- From restaurants and cafes to fitness studios and spas, high-rise condos often have an array of amenities within or adjacent to the building.
- When you choose to live in a high-rise condo, you gain access to several floors and all the amenities that redefine convenience and indulgence.