Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
The process of turning rental apartments that the inhabitants lease into condominium units that they own is known as condominium conversion. Any structure with separate living quarters for tenants, such as apartment buildings and cooperative buildings with tenant shareholders, is eligible for a condominium conversion.
You will have the option to buy your apartment or relocate before it is sold if the owner of the building where you rent decides to turn the rental apartments into individually owned condominiums.
Your building owner cannot decide to convert to condominiums and hike your rent to evict you due to safeguards in place in your city or municipality. He is required by law to give you plenty of notice before the conversion and to provide you with the option of purchasing your unit.
If you decide to purchase your converted flat, you'll get a title in your name and start paying mortgage payments instead of rental payments. You will also have a portion of ownership in community facilities and be responsible for paying a separate condo community fee.
Each unit becomes an independently owned condominium through condominium conversion. In addition, the conversion to condominiums makes condo residents shared proprietors of communal spaces, including on-site gyms and swimming pools.
Tenants are shielded from unauthorized condominium conversions by laws in force. If a building owner wants to convert the structure, he must give tenants sufficient notice of the change and provide them with the option to buy the property or leave.
Building owners frequently use conversions to increase their profits and push up rent for present residents, luring them to leave. Tenants are spared this misery thanks to the protections and given a chance to buy their apartment before it is sold to outside investors.
