Apartment Ownership

[smaskr]

Hi All,

Can someone pls explain how the apartment ownership works?

From what i know so far, some apartments provide deeds for portion of the land.

Also is there any insurance for owners if the property is destroyed (disaster)?

Thanks

 

[Janith1994]

Oya apartment gahanne 99 years rent karapu land wala ban

 

[smaskr]

Oya apartment gahanne 99 years rent karapu land wala ban

Hama ekama ehemma na machan man hithney. Thanks anyways

 

[shiran987]

Hi All,

Can someone pls explain how the apartment ownership works?

From what i know so far, some apartments provide deeds for portion of the land.

Also is there any insurance for owners if the property is destroyed (disaster)?

Thanks

If you are referring to the condominium apartments, there is an appointment of condominium management committee which consist of members of the apartment owners, they do take insurance, maintenance precautions on behalf of the full asset value.

the appropriate cost will be divided among the apartment owners. this policy would cover for fire & perils , which includes natural disaster as a peril. ( more other perils, terms and clauses, warranties do apply)

you can take your own insurance cover (dwelling house) for the contents of your household, if you want to insure them. no need to insure the building as it will be accounted to, via the policy taken through the condominium management committee.

 

[smaskr]

If you are referring to the condominium apartments, there is an appointment of condominium management committee which consist of members of the apartment owners, they do take insurance, maintenance precautions on behalf of the full asset value.

the appropriate cost will be divided among the apartment owners. this policy would cover for fire & perils , which includes natural disaster as a peril. ( more other perils, terms and clauses, warranties do apply)

you can take your own insurance cover (dwelling house) for the contents of your household, if you want to insure them. no need to insure the building as it will be accounted to, via the policy taken through the condominium management committee.

Thanks..