In your occupancy contract, you should explain what steps the housing corporation will take if you can`t track your occupancy payments. If not, be sure to find out before you move in. Make sure you know exactly what you are responsible for before signing the occupancy contract and ask your lawyer if you are not sure. Thus, you will later avoid possible disputes with the housing company and also with your employees. Buyers choose to initially buy a 25%, 50% or 75% share (for which they may be required to obtain a mortgage) and pay an occupancy payment to the association. The occupancy fee is a payment to the association for the exclusive use of the property and takes into account that the co-owner is responsible for the repair and insurance of the property. The occupancy payment is proportional to the share of own funds retained by the association. Your EOA Agreement contains the rights and obligations you have as the owner. Your condominium agreement (also known as your exclusive occupancy agreement) could contain a clause that means you`ll have to offer the housing company`s house to buy it back first. Your housing corporation will tell you if this is the case.
We would like you to live at home, but in addition to the rights, you also have duties under your exclusive occupancy contract (EOA). Talk to the housing company: you should make an agreement with the lender about what to do in this situation and you can possibly negotiate on your behalf with the lender. Condominium systems allow you to buy a share of shared ownership and pay a reduced “rent,” called an occupancy payment, for the portion of the home you don`t own. When you buy your share, the housing company gives you an occupancy contract that defines your rights and obligations. These may vary between housing corporations. Your occupancy agreement should state whether you can rent a room to a tenant or sublet your home. It is unlikely that you will be able to rent the property and live elsewhere, unless you have a particular reason to do so, for example because you have to go to the hospital for a long time. Since you own a share of the property, the housing corporation cannot distribute you in the same way that a landlord can distribute a tenant due to non-payment of occupancy payments.
However, you can get a court order to force you to pay or sell your share of the house. If you enter into a joint ownership agreement, you start buying a 25%, 50% or 75% share of the house. In addition to monthly mortgage and occupancy payments, the co-owner has similar responsibilities to a normal user, including: occupancy agreements last 20 years, unless you terminate the contract earlier, for example. B by buying the whole house or sold. The occupancy contract should define your rights and obligations for the maintenance of the house in good condition. They are usually responsible for the maintenance of the property and the execution of external and internal repairs, as well as the payment of real estate and household insurance….