Condo Language Simplified

The industry of real estate is a rapidly expanding one, with endless possibilities spreading in all directions as the outlook of the world changes. Requirement of people have changed shapes with changes in their lifestyle, and this has had significant impacts on the way people visualize their residence. They want it exactly the way they have pictured it, which has led to construction developers taking a serious note on creating quality dwellings. Gone are the days when randomly designed apartments were sold to home-seekers, when duplexes were considered the most luxurious of all. These are the era of condos – the kind of living units that combine the spaciousness of a duplex and the compactness of an apartment into one. The result is an astonishingly function-oriented dwelling that embodies all your desires and fulfils your wish of having a posh place to live.

When you are looking for condos for sale, real estate agents may use some terminologies that you are unfamiliar with. This is not unusual, primarily because of the standardized definitions that are used in the industry. This article looks into some of the words you may come across while trying to purchase condominiums.

You may hear your real estate agent say "Alcove studio" or "Alcove". Don’t get scared, an alcove is an area adjacent to your living room that you can conveniently convert into a bedroom when in need. By alcove studio, he is referring to studio condominiums that have an alcove. Those who are unfamiliar with studio apartments, take note that these apartments have only two rooms with kitchen as one of them. He may also talk about annual budget. By this he is referring to the repair and maintenance finances of the place you’re looking at. Things like administrative costs, plumbing and other routine maintenance works are counted in this category. This budget is decided by the condo board each year. You may also not have known that there is an annual meeting which is supposed to be organized each year by the condo. Common elements refers to the parts of your condo that are accessible to the all the condo complex dwellers. Common property refers to those parts of the complex that cannot be individually owned. These parts belong to the condo community as a whole.

Your real estate agent will need to provide you with disclosure of the necessary documents, like the purchase agreement, bylaws, parcel lease, etc. After all the formalities are done and over with, you will hear something like "Final closing". This is said when that property has been officially transferred to you, and you become the legal owners of it. Also connected with final closing is the term "Occupancy Date". It refers to the date when you must take occupancy of your condo, as per the terms defined in your contract.

While looking at condo for sale, you will come across the term "Loft area". It means there is additional ceiling height accessible by stairs where you can develop an extra bedroom or a recreational area or sorts.

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About The Author

Donald Finnigan in a real estate expert and celebrated write who is known for his informative articles and blogs that are geared towards helping people make the best property purchase choices. He recommends Echelononpalm.com as the name to trust when it comes to houses and condos in Siesta Key, Florida.