Legal tip 64. Loans for Community of Owners
Friday, April 3, 2009 @ 1:09 PM
It might be the financial crisis is having an impact on the general status of commun elements of your development.. Do you know that there are specific lending products for this? Let's ask Banks for some help!, the conditions heppen to be quite convinient.
These collective loans are adjustable to the specific saving capacity of the owners’ community (OC), so that the owners do not get in debt individually and are designed to finance investment and expenditure of repairs of the OC such as walls or decks reforms, removal of architectural barriers, lifts, heating and gas installations
The holder of the loan is the OC. There is no further requirement of warranty or guarantee.
The maximum repayment term is around 10 or 15 years (with the possibility of initial two years of grace! ), and carries the possibility of an irregular fee ( between 1% and 1.5% ).
In exchange for these conditions, the contract involves the obligation by the OC to open and maintain an account in the lender Bank or institution, for the payment of the ordinary and extraordinary shares.
Documents needed:
• Photocopy of CIF (Tax identification number) of the OC.
• Permission to consult the community CIRB. Central Information Risk of the Bank of
• Photocopy of budgets or repair contract to be accepted to fund.
• Information on existing accounts and on accounts of the last two years.
• Accounting documents.
• Book of Minutes, including at least the last three agreements.
• Legal representatives of the OC.
• OC agreements regarding the needed repairs.
• Certification of the financing agreement signed.
Maria
www.costaluzlawyers.es
Chipiona Beach by Golan at Flickr.com