A form of property ownership where a section (unit) is owned, together with a pro rata portion of the common property. This type of property ownership is practiced in South Africa, Singapore and Australia. Condominiums would be a similar concept in America.
Firstly, the banks insist on someone signing surety.
Secondly, this causes a conflict in ranking between the banks whereby monies advanced to a Body Corporate would place the lender first-in-line as a creditor, ahead of any bond holder or SARS.
Being a low-risk opportunity, the only primary risk associated with the model, if one can even call it a risk, is liquidity or recoupment time for the lender, but there is no risk of solvency. This is due to the collecting of outstanding levies.