SOME PRECAUTIONS WHEN BUYING A USED CONDO IN MADEIRA ISLAND
CONDOMINIUM DEBTS IN MADEIRA – WHO IS RESPONSIBLE ? BUYER OR SELLER ?
Those thinking of buying a used condominium in Madeira and especially during the current economic climate, should first find out from the Administrator of the Condominium whether there are any debts on that unit or proposed renovations to the building. If a condominium is sold and there are any debts outstanding, who is responsible – the buyer or the seller ?. According to the law specifically the “Artigo 1424 nº 1 do CC” – same stipulates that all condominium expenses are accrued / debited to the unit and not to the proprietor in person. As existing laws are unclear and in order to avoid litigation, it is of utmost importance for prospective buyers interested in a particular unit to obtain a declaration from the condominium administrator of any existing debts, condo fees or costs relative to renovations to the common areas of the building. CONTACT US for any further information or assistance herein.