Commonly Owned Elements, or Property Involving Common Expens,
A Highlight of Form for Commonly Owned Properties
Real estate is full of different kinds of properties some of which are used almost very frequently. Property that is used commonly involves common expenses as well. Hence, it is very important for buyers and sellers to be clear about a lot of points that are mentioned in the form for commonly owned properties and their expenses involved. This form involves various legal aspects and this is why the concerned parties are advised to consult their legal and tax experts before signing the form. Now the question is what is there in a form for commonly owned elements or property involving common expense.
The form asks for the name of the concerned property along with the date of contract between the buyer and seller. There is a point for inclusion and exclusion of facilities in the form which both the buyer and the seller have to agree too. These facilities can be parking facility, storage facility or any other commonly used facility. As per the form, the seller of the property is supposed to provide to the buyer a copy of association declarations of owner, rules and regulations, financial documents consisting of balance sheet, annual income etc. and this has to be done at the expenses of the seller and not the buyer. In return, the buyer will have to acknowledge that he or she has received all the mentioned documents from the seller. At the end, the form has to be signed by both the buyer and the seller.
Commonly Owned Elements, or Property Involving Common Expens, 10.0 out of 10 based on 2 ratings