Part Ownership – Your Ownership of Rooms not Intended for Residential Use
Pursuant to the German Condominium Act (WEG), part ownership refers to those areas of a housing estate defined in the condominium declaration as individual freehold ownership of rooms not intended for residential use in connection with the co-ownership share of the commonhold property (Art. 1, Sec. 3, WEG).
Areas in question may include other rooms outside the enclosed apartments, such as a basement cubicle, a share of the attic, or a commercial unit.
Aside from part-owned property in the strict sense, the condominium declaration may expressly rededicate individual freehold property to alternative usage, such as residential use possibly in combination with other use types. Then again, the term part ownership refers to a condo owner's share in the commonhold property, meaning common areas such as the stairwell.
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!