Hi
I'm about to buy a complex apartment in Dublin but facing a situation.
Basically the common areas of the development (eg walkways, lifts, parking area etc) have not been transferred into the name of the management company as the development went into receivership (bankruptcy) before the transfer took place.
According to my solicitor this is not ideal and if I go to sell the property in the future and the transfer of the common areas has not been dealt with at that point, this may cause an issue with the prospective purchaser.
Currently the building have a managent company that takes care of the building and the building is insured but the areas outside of the building are not.
I'm trying to understand the risks and whether I should proceed and buy the property or walk of the deal
Best
Tzachi
I'm about to buy a complex apartment in Dublin but facing a situation.
Basically the common areas of the development (eg walkways, lifts, parking area etc) have not been transferred into the name of the management company as the development went into receivership (bankruptcy) before the transfer took place.
According to my solicitor this is not ideal and if I go to sell the property in the future and the transfer of the common areas has not been dealt with at that point, this may cause an issue with the prospective purchaser.
Currently the building have a managent company that takes care of the building and the building is insured but the areas outside of the building are not.
I'm trying to understand the risks and whether I should proceed and buy the property or walk of the deal
Best
Tzachi