Collective Loan and Co-ownership Loan

You are able to make a loan on behalf of various co-owners to a bank, in order to finance the collective function, benefiting the co-ownership.   To make a credit with all the co-owners is generally more advantageous compared to doing it individually.

When important work should take place in the condominium, should provide for their funding, requesting each co-owner its economic contribution. If the work is usually predictable, at the end of a general conference (AG) of the syndicate associated with co-owners for example, we can hold off or stagger these requires funds for works, organizing at best each co-owner.

The particular role of the trustee, responsible for managing the interests from the syndicate of co-owners, is going to be here to proceed with this particular call for funds for functions according to what was decided within GA, that each co-owner will need to regulate independently.

 

Condo loan

Condominium loan

But just here, what if the work cannot wait? Previously, each co-owner had to manage in his part to find the financing of their part of the work. The Decree implementing the Warsmann Function 2013-205 of 11 03 2013 on the collective mortgage of condominiums was released in the Journal Officiel upon 13 March 2013. This regulates the terms of the credit score, now offered to condominiums, primarily to finance work.

The co-ownership has got the possibility of creating a special provident fund, a reserve pounds to finance necessary functions, which were not necessarily planned.

If we do not have the opportunity to have a condo that developed this special fund pertaining to possible work, we must perform otherwise, and go through the condo loan if we can not pay for to pay the work of one photo.

spread the particular payment for the work, even as we had seen in one of our own articles. This spread can be achieved over ten years, paying (with interest) the body that innovative the funds, whether the partnership or a bank. credit along with co-borrower: it is better for a financial institution to share the risk on many people.

 

What is a team loan for a condominium?

What is a group loan for a condominium?

Having been to a few condo conferences, I know how difficult you should get all other homeowners to operate the same way we perform. Some do not have the way to pay for work, others never want the same color for that walls of the stairwell, other people still only think about offering or renting, not having exactly the same ideas as those who reside in the condominium.

The law enables at least those who want it or even can participate in the costs by way of credit; no longer blocking the whole condominium for lack of cash.

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