Benefits of Owning a Condo

Buying property can be a frustrating and confusing process for many people. There are many to consider including price, different types of property, size and location. You want to make sure that you can be happy living in the property you choose to buy.

Condos are rising in popularity as an alternative to single family homes. Condo buyers can include individuals, new couples and small families. No matter what type of property you are interested in buying, researching the area and development is very important. Finding a condo that fits your needs takes time, investigation and patience. Condos have many different perks to offer and finding the perfect association is well worth it.

When purchasing a condo, you become a member of the condo association and are able to benefit from all of the extra community facilities. Many condo complexes have gyms, pools, sports facilities, activities for children and much more. Finding out exactly what the benefits of each complex are is important in making the right decision. These fun perks can make your life more convenient and sometimes save you money on entertainment and recreational activities. Most of the time you will pay a flat rate for the use of all of these facilities, making it important to decide whether or not you will use them enough to make it a worthwhile expense. If not, a condo could contain too many extra expenses to make it a good investment.

Maintenance is another important benefit to be aware of when looking into condos. Being a part of the condo association usually includes an on-call maintenance service that will be available to fix a leaky faucet or electrical problem without appointments or large fees. Keep in mind you will be charged a flat rate for maintenance regardless of anything going wrong in your unit. The convenience and speed of this service can be very helpful and it is comforting to know that you will be taken care of if anything does happen.

Choosing an area that you are comfortable living in is important. Most condo complexes are located in more developed areas such as cities and downtown areas. This is perfect for some people who love to be in the middle of action. Take in to consideration the placement of the complex you are looking at. Is it near high traffic streets? Will it be noisy late at night? These are questions you want to ask yourself before purchasing a condo. Benefits to living in an urbanized area can include proximity to shopping and public transportation, lots of entertainment options, and convenient access to other city amenities.

Condos usually have some sort of security system/guards that will make you and your belongings feel safe and secure while living in the complex. This is one of the major benefits of a condo association. You can leave your home for vacation without a house sitter, leave your younger children at home with more security and feel safer when you sleep knowing someone is keeping tabs on what is happening in your building.

Condos are a great investment and can be a wonderful choice for a place to live. Do your research to figure out what is right for you.

Chicago Condo Hotels: Luxurious, Easy to Manage Investment Properties

Changes in options for home ownership, Chicago Condo-hotels! What could be more perfect that having a five-star home at a landmark resort and receiving rent revenue whenever you’re not using it? Chicago Condo hotels are the newest real estate trend, combining a lavish lifestyle and comfortable ownership with investment potential.

Chicago Condo hotels diverge from owning a traditional Chicago Condominium or Chicago home. Chicago Condo Hotels offer services and amenities that a standard home owner cannot have the luxury of looking forward to. They are fabulously-furnished Chicago Condominium units located in some of the most famous hotels in Chicago. The properties are usually large, high-rise, upscale hotels celebrity like the Ritz Carlton, Trump, Hyatt or Hilton. Chicago Condo Hotels Generate Revenue to reduce the costs of ownership. Owners can participate in programs much like vacation home rental programs by capitalizing on hotel popularity. How? Chicago Condo Hotels can generate revenue when occupancy is available by offering the unit for rent to others who wish to stay for long periods of time in a non-traditional hotel setting.

Similar to vacation rental services, owners can use the name recognition, popularity and reservation system of the hotel to secure a higher income from this investment than general home owners would. Participating in a revenue generating program such as this can assist Chicago condo owners in reducing the costs of their Chicago Condo-Hotel unit. Managing this type of income is even easier as the hotel management company sees to the needs of guests and maintains the unit.

Why? Chicago Condo Hotels appreciate at a higher rate than traditional homes. The services and standards are parallel to none. Easy maintenance and cost is distributed.

Demand for US Catered Ski Chalets Going Up and Up

Catered chalets, which Brits know and love, are still few and far between in the USA, but some Uk companies are beginning to take advantage of this gap in the market and are bringing more and more UK skiers to their US catered ski chalets.

Market research shows that 37% of UK skiers stay in catered chalets, more than any other type of accommodation. (Ski Club of Great Britain snow sports analysis). Whereas most Americans tend to stay in self-catered condominiums or full service hotels, the Brits seem to like harking back to the old days of old fashioned "house parties". They bring back memories of large houses, a group of friends spending an evening over dinner, while the servants cook, serve and clean up, without guests having to lift a finger.

These are hassle free – everything is done for you. Meals are prepared by a chef, so guests don't have to worry about buying food or having to cook dinner after a hectic day on the slopes, nor do they have to argue about which restaurant to go to with their group! Plus lift passes and ski school vouchers are ready for our guests when they arrive and ski rental equipment is fitted in the chalet, so guests don't have to hang around in local shops.

Colorado based Chalets USA have found demand for their US catered chalets increasing so rapidly they've opened a new one this year. They have had so many inquiries for them in Colorado and hate having to turn people away, so they decided to open a third catered chalet – Chalet Bluebell 3 in time for the 2007/8 ski season.

Chalet Bluebell 3 is located in the heart of Winter Park, Colorado, USA, which has the highest average snowfall of all the major Colorado resorts and the most consistent snow year after year. The resort opened on November 14 for the 2007/8 season.

So watch out – these are on the rise in the US and may gradually start to compete with the more well know condos and hotels. Maybe the Brits are onto a good thing and maybe we ought to give it a go – it's well know Americans love good service, so lets go all the way!

State and Federal Disclosure Requirements For Unbuilt Condominiums in Nevada

The requirements for a valid Public Offering Statement are found in Nevada Revised Statutes116.4100 et seq. entitled "For the Protection of Purchasers." Under NRS 116, et seq., Sellers of unbuilt condominiums are required to provide a prospective purchaser with a Public Offering Statement, which must conform to requirements of NRS 116, et seq. In the event that no Public Offering Statement is delivered to prospective purchasers prior to purchasing an unbuilt condominium unit, then the purchaser is entitled to rescission, and / or other remedies, as follows:

NRS 116.4108 Purchaser's right to cancel.

1. A person required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 shall provide a purchaser with a copy of the current public offering statement not later than the date on which an offer to purchase becomes binding on the purchaser. Unless the purchaser has personally inspected the unit, the purchaser may cancel, by written notice, the contract of purchase until midnight of the fifth calendar day following the date of execution of the contract, and the contract for purchase must contain a provision to that effect .

2. If a purchaser elects to cancel a contract pursuant to subsection 1, he may do so by hand delivering notice thereof to the offeror or by mailing notice thereof by prepaid United States mail to the offeror or to his agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded promptly.

3. If a person required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 fails to provide a purchaser to whom a unit is conveyed with a current public offering statement, the purchaser is entitled to actual damages, rescission or other relief, But if the purchaser has accepted a conveyance of the unit, he is not entitled to rescission.

Unbuilt Condominiums Resemble Unregistered Securities. While unbuilt condominium units are classified as interests in real estate, they are not like common parcels of real estate that can be personally developed, managed and improved and for this reason have often been seen as resembling securities, which require securities registration due to the reliance Upon the management of third parties who are responsible for the rise or fall of the investment. In this regard it has often been mused that unbuilt condominium units are a hybrid interest, requiring greater disclosure than the sale of a parcel of dirt which can be inspected. When unbuilt condominium units are sold as "investments," they come even closer to being an unregistered security than a typical interest in real estate.

Recognizing the need to protect unsophisticated purchasers of unbuilt condominium units, both federal and state laws were enacted to protect unwitting buyers from condominium developers with superior bargaining power, sophisticated expertise and form contracts of adhesion.

NRS 116, Section 4101, et seq. is titled For the Protection of Purchasers. Clearly these provision are important and developers must comply. When they fail to comply it is at their own peril, because purchasers are able to rescind. These provisions seem to recognize the dual if not hybrid nature of an unbuilt condominium unit, and seem to be offered up to the public in lieu of requiring securities registrations for unbuilt condominium units.

The federal government has also recognized an important need to regulate sellers of unbuilt condominium units and the result was the passage of the INTERSTATE LAND SALES FULL DISCLOSURE ACT which requires sellers to provide adequate disclosure, including Property Reports and Public Offering Statements, unless exempt. The most common exemption is sought by developers who maintain they do not have to comply with the ILSFDA if they unconditionally commit to build the subject units within 24 months of signing a purchase agreement. Often developers proceed upon the assumption that they are entitled to the 24 month exemption and therefore fail to provide the required disclosure, only to find out later that they were unable to complete and deliver the subject within within 24 months as promised. This situation gives rise to litigation, wherein the purchasers of unbuilt units are allowed rescission in the event the developer has no provided the Public Offering and Property Report and does not have a valid exemption.

Purchasers of unbuilt condominium units should be careful because many times they are buying a unit that will not be built within 2 years, if it is built at all. If the developer promises to deliver within 24 months, but does not, the chances are that the developer also has not provided full disclosure under ILSFDA without a proper exemption and purchaser has the right to rescind and receive a complete refund of any and all earnest money deposits. If the developer gets into financial trouble, as is often the case, and the development is foreclosed or bought out, there are also other grounds for rescission. In such cases a purchaser should contact a lawyer that is an expert in these arcane areas of the law that are often contradictory and confusing.