Islamic Loans USA and Condos: The BasicsFebruary 25, 2014 at 5:29 pm
Not everyone applying for Islamic home financing is looking to buy a fully detached home for their family. Some urban professionals and other people will prefer to buy a condominium with their money. The folks that want to use their Islamic mortgage loans to buy one of these will find there are some key fundamental differences from other dwellings.
What You Own
One of the first key differences is what you actually own when you buy a condominium. Although the ownership of the unit itself is registered to you, there is also shared ownership with some of the other common elements in the building. The unit’s governing documents will tell you what your individual responsibilities are and whether you’re responsible for things like window washing and cleaning the bricks on the outside.
What You Pay
Along with what you pay for your unit and your fair share of the common property, there’ll also be a condominium fee attached the overall package. These fees often cover maintenance aspects like snow removal.
When you buy one of these units with the money from your Islamic loans usa, you also become a member of the governing corporation and have the right to vote at general meetings as well as elect the board of directors.