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Condominiums and Mortgage Organizations Essay


It is surprising that people living in condominiums do not have full control of activities in their home. The board that is elected to oversee the administration of the condominium has almost absolute power over the occupants of the condominium.

This means that the board has the power to allocate anyone a unit whenever they find it appropriate. People living in condominiums are supposed to pay monthly fees despite being owners of the housing units. Failure to pay the fees can lead to allocation of a unit to another occupant.

The condominium board has the power to arrange for repairs or changes to the unit without the owner’s approval. Another odd characteristic of a condominium is that it is more expensive to establish oneself as a condominium owner than to purchase a family house (Kiplinger 68).

On the other hand, co-operative boards accept tenants who are shareholders in the board. It is also odd that condominium boards use unconventional methods to admit tenants. Some boards discriminate against prospective tenants due to their background.

The considerations made by the board could be gender, nationality, or ones descent. However, this kind of discrimination is illegal in some states. Mortgage organizations seem to dictate all terms of ownership, their obligations, and their duties (Kiplinger 72).

Ownership is a tricky business particularly when it comes to mortgages and leasing. Complex rules and legal arrangements make the homeowners vulnerable to machinations of the administrations of mortgage companies.

Often, a tenant or a homeowner finds himself or herself in a difficult situation when the regulations governing a certain arrangement with a mortgage company are not revealed to them. When companies are selling houses, they only disclose the positive aspects of the property.

It is difficult to know the real situation and condition of the property until after the purchase (Kiplinger 115). Once the property is purchased, the new owner may be required to spend more money on installations in the house. It is thus necessary for the government to intervene in the cases of leasing or buying a house.

Except for a few loopholes, the current housing regulations are adequate. However, to establish accountability in the mortgage companies, the government should tighten its surveillance of the industry.

Current rules protect the interest of the customer and that of the company. This means that the law cannot be changed to favor any of the parties. However, some measures can ensure that both parties observe the housing regulations. In this essence, the establishment of a law enforcement agency dealing specifically with housing could solve the problem.

This law enforcement agency should be a kind of a police force with detectives and a prosecution system. In addition, the policing body should have the authority to investigate any transaction between a company or an agent, and a prospective mortgage company customer (Kiplinger 122).

The agency should go to an extent of placing detectives in the mortgage industry to apprehend unscrupulous agents and sales people. Harsher penalties should be formulated for the industry. This will reduce the number of incidents of a trapped customer.

There is also the need to revise some parts of the regulations governing mortgage transactions. This will make the regulations simple, clear, and easier to conform to for all parties. Moreover, stricter inspection procedures and regulations are necessary during approval of a housing unit for sale.

Works Cited

Kiplinger, Kiplinger. Buying & selling a home. 6th ed. Washington, D.C.: Kiplinger Books, 1999. Print.

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IvyPanda. (2019, August 12). Condominiums and Mortgage Organizations. Retrieved from https://ivypanda.com/essays/mortgages/

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IvyPanda. "Condominiums and Mortgage Organizations." August 12, 2019. https://ivypanda.com/essays/mortgages/.

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IvyPanda. 2019. "Condominiums and Mortgage Organizations." August 12, 2019. https://ivypanda.com/essays/mortgages/.

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IvyPanda. (2019) 'Condominiums and Mortgage Organizations'. 12 August.

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