in Sri Lanka

www.geocities.com/lawpropertysrilanka

 Ajithaa Edirimane (See her Profile )

   Condominiums are bought either for investment or as a family home. In recent times we have seen a construction boom in multi storey properties due to the lack of available land in prime residential areas.
“Location” seems to be the most important reason for people to purchase condominiums. The purchase price of a condominium corresponds significantly with the ‘location’ of the multi storey condominium property. More desirable the location, higher would be the price of the condominium.

   Developers seek to enhance the price by introducing additional facilities, such as gymnasiums, restaurants, supermarkets, laundries, saunas, etc., to make the condominium property more attractive for prospective buyers.

   Whilst the location and the facilities may induce people to purchase a condominium, the necessity of having a legally valid title should not be overlooked. For this reason, one needs at least a basic understanding of what constitutes a “condominium” and when “title” to the property would pass to a prospectivepurchaser.

Extract from a published article titled “Condominium Purchase – Be Informed”

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