Condominium Declaration or: Who Owns What?
Prior to the acquisition of a condominium, a host of questions present themselves to future homeowners, including the following: Which parts of my property of choice do I own outright, and which are held in common ownership? This question is answered in the condominium declaration. It provides valuable information for leads regarding the distribution of rights and duties in a given housing estate.
Mine, Yours, Ours – Commonhold Property, Individual Freehold Ownership, and Rights of Separate Use.
The condominium declaration or the deed of partition separates freehold from commonhold property. In concrete terms, this means: The condominium declaration defines which parts of the plot and of the property belong to an individual owner and which to the home owner association. Parts held by the latter represent commonhold property. Commonhold property includes primarily the plot. In addition, the property components that are essential for its upkeep and use, e.g. load-bearing walls, the roof, staircases and, where applicable, the heating system are usually jointly held by all owners. Conversely, all those parts of the property that are held by individual owners represent individual freehold ownership.
If any one owner holds the sole rights to use a given commonhold property area, that privilege is referred to as rights of separate use. This, too, is governed by the condominium declaration. Rights of separate use are often granted for basements, parts of the yard, or car parking spaces.
The Condominium Declaration: the Basis for Allocating the Maintenance and Repair Costs
The breakdown into freehold and commonhold property is particularly important when it comes to allocating the costs for maintenance and repair work. While the owner pays for the maintenance of his of her freehold property (the condominium), the costs of maintaining the commonhold property are borne by the home owner association. The way freehold and commonhold property is assigned can differ from one housing estate to the next. Accordingly, potential costs for the individual owner can differ significantly. As you can see, the condominium declaration represents an important source of information for you as future owner.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
We hope you enjoy our encyclopaedia!