How to Read the Condo Owner’s Association Contract


Megaworld at the Fort

Everyone who invests in a Megaworld property isn’t just buying space, they’re buying an experience: a strong community, a standard of living, and the peace of mind of being part of a development by one of the Philippines’ most respected real estate companies.

Megaworld made this promise to its buyers and takes their trust seriously. That’s why everyone who joins their community is given a Condo Owner’s Association Contract. It protects your rights, and sets clear guidelines to prevent confusion and conflict.  However, like most legal documents, the contract is not exactly easy weekend reading. This article can help.

Megaworld made this promise to its buyers and takes their trust seriously. 

Why do condo owners need to sign a contract with the association, anyway?

  • Signing of contractYou avoid conflict. Condominiums are communities with shared living spaces. This has many benefits: you can make friends, and you can take advantage of facilities like swimming pools or playgrounds without actually dealing with day-to-day maintenance. However, communities need to agree on common rules, duties, and responsibilities and the Association sets and enforces these.
  • You know what to expect. The contract sets all the guidelines for fees, renovations, and other matters that may impact your budget, time, and plans.
  • Everything is clear and fair. Think of that piece of paper as your protection and a guarantee of peace–you never have to play bad cop, and when you feel your rights have been impinged, you know what to do. You also know the rules are applied to everyone, and if there is a hitch, there are procedures you can follow.
The contract sets all the guidelines for fees, renovations, and other matters that may impact your budget, time, and plans.

Whoa–why do I have to pay association dues?

paying billsOne of the things you’ll find in the contract is the association dues. These help maintain parks, recreational centers like gyms, pools and playgrounds, events halls, and the other facilities that you enjoy as a resident of one of Megaworld at The Fort’s properties.

Megaworld can’t include association dues in the payments you made for owning your personal condo unit. That’s because the dues go to the upkeep of the shared grounds, and you will literally see where your money goes: the well-maintained elevators, to the tight security and well-maintained driveways, to the lush gardens and clean pools and playgrounds.

The association dues are declared in the Condo Owner’s Association Contract so that you can prepare for it and include it in your household budget. This can help you avoid penalties or make arrangements when you will be out of the country.

Association dues may be affected by inflation and can increase over the years. You can check your contract, or speak to the building manager, about this matter.

 

The association dues are declared in the Condo Owner’s Association Contract so that you can prepare for it and include it in your household budget.

Why do I need to talk to my association when I want to do a renovation?

inquiring about renovationIt is every condo owner’s right to personalize a unit. However, you wouldn’t like it if your neighbor started knocking down walls and hammering in the middle of the night, or if his acoustic improvements damages your own wall in the process. That’s why the Condo Owner’s Association Contract sets guidelines for renovations. Your contract will set policies, which you can discuss with your design team. IF you see a possible conflict, and you really want to make a particular look happen, then set a meeting with the administration. The Megaworld at the Fort team will always be happy to sit down with you to look for solutions and alternatives.

 

The Megaworld at the Fort team will always be happy to sit down with you to look for solutions and alternatives.

Can I rent out my unit?

for rentMany people invest in a condo unit to earn extra income from rentals. Megaworld at The Fort units are very high in demand, primarily because their location appeals to many different kinds of markets: Makati and Ortigas executives are minutes away from their offices, parents have several premiere schools to choose from (British School Manila, Manila Japanese School, Chinese International School, Korean International School, International School Manila, and Enderun Colleges), and expats enjoy the perfect combination of privacy, security, and proximity to dining and shopping establishments.

Megaworld at The Fort units are very high in demand, primarily because their location appeals to many different kinds of markets.

 

That being said, condo owners still have a responsibility to their fellow Megaworld community–especially since they’re bringing someone into the fold! You need to brief your tenant about the rules and guidelines, take charge of association dues, and remain accountable for the unit. The Association Contract explains what can happen, and you can also raise questions with the Association representative.

These are just some of the things you can find out from the Megaworld Condo Association Contract. Got more questions? Visit www.megaworldatthefort.com

 

Author: Megaworld at The Fort

Google+:

Post a Comment

Your email address will not be published. Required fields are marked *