What Is the difference Between Homeowners’ Association and Personal Ownership?

In the case of personal ownership, the buyer is the owner of the property; in the case of Homeowners’ Association, the owner of the property is the association and the buyer becomes a member. Together with electricity, water, heating, etc., the member of the Association also gradually pays the value of the flat and after it is repaid, the flat is transferred to the personal ownership of the member (if the member wants it). The advantage of Homeowners’ Association is affordability, as, for example, in new projects, only 25% of the property value is needed to be paid and the rest of it is paid via flat rent. The Association does not verify the applicant's creditworthiness as a bank when assessing the loan application. Another advantage is that a member of Association can easily sell his/her membership to a third party. The transfer of membership in Homeowners’ Association does not require the approval of the Association’s chairman.