What is condominium ownership in SAP RE - Real Estate Management?

SAP Term: condominium ownership

• Component: RE

• Component Name: Real Estate Management

• Description: The part of the ownership structure in a condominium owners' association that represents what is not common property. The separate ownership of condominiums designates a unit that belongs to the owner and which is recorded as separate property. Condominium ownership normally includes the apartment and possibly other separate, enclosed spaces.

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• Key Concepts: 
  Condominium ownership is a type of real estate ownership in which an individual owns a unit in a multi-unit building. The owner of the unit has exclusive rights to the unit, but shares common areas such as hallways, stairwells, and elevators with other owners. In SAP Real Estate Management (RE-FX), condominium ownership is used to manage the ownership of multiple units in a single building.
  
  How to use it: 
  In SAP RE-FX, condominium ownership is used to manage the ownership of multiple units in a single building. The condominium owner is responsible for managing the common areas of the building, such as hallways, stairwells, and elevators. The condominium owner can also manage the individual units within the building, such as setting rental rates and collecting rent payments.
  
  Tips & Tricks: 
  When setting up condominium ownership in SAP RE-FX, it is important to ensure that all common areas are properly managed and maintained. This includes ensuring that all common areas are clean and safe for all owners and tenants. Additionally, it is important to ensure that all rental payments are collected on time and that any disputes between owners are resolved quickly and fairly.
  
  Related Information: 
  For more information on condominium ownership in SAP RE-FX, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, there are many online resources available that provide detailed information on condominium ownership and how to manage it in SAP RE-FX.