Housing allowance – The housing allowance is the amount that the condominium owner is required to pay monthly in advance to the manager based on his or her individual management plan issued for condominium or partial condominium ownership. Each unit owner of a condominium is obligated to pay the housing allowance in advance. If a condominium owner defaults on the payment of the condominium fee, he or she will jeopardize the liquidity of the condominium. If this is the case, the condominium owner can be deprived of his condominium ownership by a court decision.
Housing allowance at a glance: To pay for the ongoing maintenance costs of a property
- Amount to be paid monthly by the condominium owner in accordance with the individual management plan
- Each condominium owner of a condominium obliged to pay
- In the event of insolvency of the housing allowance, the liquidity of the residential community may be endangered
- In the event of insolvency, the condominium owner can be deprived of the condominium ownership by a court decision.
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