Jyuyojiko Setsumeisho (Important Points Explanation): Condominium Buildings (Continued)(4) Provisions of the rules and regulations regarding exclusive-use rights In the above sample, the following details are given. Parking lot
Please refer to the attached "Articles O - O of the Management Regulations and Bylaws for Use" for further information on parking. Other areas of exclusive use Fees to be paid to OO Condominium Management Association
(5) Provisions to the effect that expenses to be borne by the owner are to be reduced or exempted to certain persons In the above sample, this section is not applicable (該当なし). (6) Matters related to reserve funds for repairs, etc. In the above sample, the following are written.
The seller will be responsible for completing the payment by the time of the settlement of the remaining balance, and will deliver the property with no arrears. (7) The amount of regular management fees In the above sample, the following are written.
The seller will be responsible for completing the payment by the time of the settlement of the remaining balance, and will deliver the property with no arrears. Glossary of Terms Management fees and reserve funds for planned repairs In condominiums, the proper upkeep of common areas is essential to maintain and improve a comfortable living environment. Major repairs at regular intervals are also necessary to maintain asset value over the long term. It is important to recognize that appropriate amounts of management fees and reserve funds for repairs are necessary. Notes: If there are arrears of management fees or repair funds, the management association can claim the payment from the new owner if the handover takes place while the arrears are still outstanding. It is necessary to ensure that the seller has paid the arrears by the time of the settlement of the remaining balance. (8) Management contractors In the above sample, the following are written. Type of Management: Total management Management contractor:
Notes: As the old saying "buy the management" goes, it is very important that condominiums are properly managed. If garbage is strewn about or bicycles are left unattended, it cannot be said that management is being done well. The state of management can often be assessed by looking at the site. Please also check the type of management of the property. (9) Records of maintenance and repair of buildings In the above sample, the records are available.
Notes: The major repairs and maintenance carried out in the condominium are to be explained if there are any records on the repairs and maintenance. Those of dedicated areas are also to be explained if there are records on them. It is important to confirm directly with the seller whether or not repairs, maintenance, and/or renovations have been carried out. (10) Other In the above sample, the following are written: 1. The seller is to notify the buyer of the provisions of the Law on Building Unit Ownership and the management rules and detailed regulations regarding such matters as the management and use of the building, grounds and ancillary facilities, etc., and the buyer is to comply with them. 2. Planned changes to management fees, reserve for repairs, etc.: Yes. (Month/Date/Year) 3. Schedule for major repairs: under discussion Additional (one-off) contributions: under discussion Amount to be determined 4. Residents' Association fees, etc.: Yes 5. Matters to be discussed at Management Association meetings, etc. Remarks: 1. Management and repair reserves The amount of the management fee and the reserve fund for repairs will be increased to OO yen and OO yen respectively, starting from Monty/Date/Year. 2. Large-scale repair plans Major repairs, such as painting of external walls and repair of tiles, are currently being discussed. The timing and the cost to be paid by each owner have yet to be determined. For more information, please refer to the attached documents (e.g. minutes of the general meeting of the management association in Fiscal Year OOOO). Glossary of Terms Management Association(管理組合) An association of unit owners to coordinate the maintenance and management of the condominium as a whole and the rights and obligations between unit owners. Unit owners are naturally members of the management association. Important matters such as the actual site of large-scale repairs, the establishment, amendment or abolition of rules and regulations, and other matters relating to the interests of the unit owners are decided at the general meeting of the management association. Notes:
If it is known that such decisions as to carry out major repairs and/or increase management fees have been made or are planned to be made at a general meeting, an explanation must be given. However, the buyer may not be notified of these matters due to a lack of research or negligence. It is important to check directly with the seller or the management association. Comments are closed.
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AuthorArrows International Realty Corp. Archives
April 2023
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