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Mitsubishi UFJ Lease & Finance (MUL) was one of the
first companies to offer a “condominium management lease”
service and currently boasts more than 12,000 transactions.
The advantage of this service is that it allows a condominium
owners association to install facilities and equipment by paying
a fixed monthly administration fee. Therefore, it doesn’t need
any reduction of the reserve fund for repairs. MUL also offers a
“maintenance lease” that the maintenance and repair costs for
leased equipment are included in the monthly installments.
MUL also provides financing for various types of building
maintenance and major repairs.
Customers can make contracts in simple procedures,
and no guarantee and mortgage is required. It’s very useful
for a condominium owners association to use these services
in case it doesn’t have enough funds for large-scale or
unscheduled repairs. |
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Condominium management in Japan
Japanese law stipulates that condominiums, as commonly owned property, be managed by
management associations organized by and composed of sectional owners. The association’s
members bear the monthly service fees and establish a building maintenance and repair
reserve fund. The association generally out-sources all management services to a condominium
management company. |
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