Many real estate students and new agents regularly get a reprimand from real estate agent Floris. They get that for saying they bought a ‘house’, when they didn’t buy a house, but an APARTMENT.<\/p>\n\n\n\n
There’s a world of difference between a house and an apartment. With an apartment, you don’t buy your own bricks and mortar. No. You buy a right. Namely, an apartment right. You buy a share in the entire building, which often includes a shared right to use common areas (think of the stairwell or bicycle storage) and an exclusive right to use a specific unit, including any outdoor space and\/or storage in that building.<\/p>\n\n\n\n
There’s a lot going on behind the scenes with such an apartment right that you, as a new\/prospective real estate agent, need to know. Chamber of Commerce registration, service charges, annual accounts, multi-year lease payments, the rebuilding value standard, and perhaps\u2026 ground lease. And regarding ground lease, Floris also explains the deal breakers\/dangers of ground lease.<\/p>\n\n\n\n
Enjoy learning by watching the video below:<\/p>\n\n\n\n