What is the owner occupancy requirement for condos Fannie Mae?
Fannie Mae requires that no more than 35% of a condo or co-op project or 35% of the building in which the project is located be commercial space or allocated to mixed-use. This includes commercial space that is above and below grade.
What is a unit factor in condominiums?
Condo unit factors are used to define the portion of ownership in a condominium building or complex. All condos are divided up into 10000 unit factors and each owner has a certain amount of them based on the size of their portion of the common property.
What are 3 key attributes of a condominium?
Condominium documents are generally divided into three parts: Declaration, Articles of Incorporation, and Rules and Regulations.
How long can you own a condo?
ALTHOUGH the lifespan of a condominium unit is limited by law to only 50 years, there are a number of options that allow owners to profit from their investment at the end of a unit’s life, according to online listing service MyProperty.ph.
What are the obligations of a condominium unit owner?
What are my obligations as a condominium unit owner? Pay the realty tax on your condominium unit. Share the realty tax on the land and common areas. Pay the insurance on your unit.
How much money do I need to buy EC?
You only need to pay 20% downpayment (5% option fee + 15% sale and purchase agreement). The remaining 80% can be paid once the project receives its TOP. The caveat to this is that you need to pay more for the EC.
Is Condo better than EC?
The biggest difference between a regular condo and an EC comes in the first 11 years. During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years. You can’t sell or rent out your EC during this time. If you purchase an EC, it’s a bit cheaper than a regular condo.
Should I buy resale EC?
As mentioned above, a resale EC has many advantages over a new EC: It is closer to full privatisation, has less restrictive eligibility criteria, offers you the option to keep your old HDB flat, and is usually move-in ready. On the flip side, it can be more expensive as there are no CPF housing grants for resale ECs.
How long does it take for EC to become private?
10 years
Are executive condos worth it?
Executive Condominiums are still the best value buys The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.