Alba condos . Do you know how many kinds of charges there are for Condo property? If you live in condo, you have to pay a management fee to the building, which is what we commonly call management fee. And what is the cost of condo fee?Please Visit: Alba condos to Get Your VVIP Registration Today!
Presumably many people will have conceptual confusion. Recently, Urban Real Estate received a letter from a reader asking about the difference between condo fee and property management fee. People who invest in co-managed property should distinguish between these two concepts and make it clear what kind of services and uses are included in their monthly fees.
Ms. Li owns a property unit in a student apartment that is rented out to students near an Ontario university. Before the condo was built and sold, the developer put forward the banner of “investment property leased for university students”. It was managed by a special property management company, and the builder gave a 20-month free property management fee to all buyers.
At present, the building has been completed for more than a year, and Ms. Li pays 211.31 of the condo fee to the building every month. Every year, a special property management company helps landlords take care of matters related to rental, maintenance and tenant conversion. In June, Ms. Li received a rent bill that showed that she had paid for the maintenance of the bed in the unit. In addition, a property management fee of 56.93 (property management fee) was paid.
Ms. Li is very confused about the difference between condo fee and property management fee. In her concept, the property management fee is $211.31 per month.
Ms. Li questioned the property management department of the apartment, and the reply given by the property management department was: “the monthly charge of 211.31 yuan is the apartment fee charged by the apartment company. (condo fee), is responsible for the expenses of the public area of the building; each owner pays the apartment fee according to the size of his unit, not the property management fee charged by the building property management company.” The property management fee is based on the agreement signed between the owner and the property management company when purchasing the unit: the free property management and lease guarantee enjoyed by the owner has ended on May 31, 2018. The property management agreement of the owner will be renewed for another 12 months from June 1, 2018 to May 31, 2019. This fee includes the search, maintenance and management of tenants, the work related to the rental contract (lease agreement), and the cost of managing your organization. “