There are some things that you have to pay attention to regardless of whether you are a buyer or a seller of real estate, and one of them is whether the apartment is a condominium. Today we are going to talk about condominiums and primarily how important it is to understand the construction, legal and marketing components of this process.
An apartment in the building is treated as a co-owned part of the building. When the apartment building is done, based on the technical documentation of a building or the creation of blueprints if there are none, the ownership of the parts is arranged and clearly prescribed. Then there are no worries or complications regarding attics, balconies, pantries, side rooms, garages, etc. Sometimes, if you live in a building that is used differently from what it was intended for (for example, apartments are used on two floors, although they are not intended for such use), it is necessary to list in detail which square meter belongs where.
Split-level apartment provides security
Clean papers help with registration in land registers, help with further handling of real estate in a business sense, but also in a private sense (buying or donating real estate can easily become complicated). However, there are many reasons to share an apartment. In addition to the above, which can be summed up in the idea of ”clean bill, long love”, there are also others that you may not know about.
You cannot get a loan until you have a condominium
You cannot register a mortgage on real estate until there are absolutely all the papers that will clear up the situation. Because of this, you will have to split the apartment and separate the boundaries.
Forget about sale, division and inheritance
If you don't know what you have, how are you going to deal with it? Inheritance division does not work without papers, and you do not even have the right to sell the premises. In general, you have nothing to write to someone else until the state is sure what you have to share.
None of the business opportunities
You can't run a business or a company in a space that isn't condominiums – a lot of unequivocal paperwork is required in this process, and you don't have it to offer. Because of this, you will need to go through the condominium process.
What does the condominium process look like?
First, you will need to collect all the technical documentation you can and compare it with the current state of the facility – has anything been changed? Is the facility being used as intended?
After that, you have to measure the object. Of course, this does not mean that you take a meter and start measuring the apartment, but that you contact the surveyor and other competent people who will carefully review this documentation and take the necessary steps.
The next step is the preparation of the development plan. In addition, general conditions will have to be written in which there will be a lot of legal language – it is important to define boundaries and to know who does what and how, what and where, that is, what is the relationship of co-owners or owners.
At the end, you will also need to have an Inter-Owner Agreement on the acceptance of the elaboration. It is a requirement for the land deed, and it will have to be confirmed by all co-owners – so you will be sure that it is a really valid document. After the land register approves the registration of condominiums, the process ends because you have a title deed with a description of the actual condition of the premises and areas that you own.
In any case, do not go into this process alone, but contact someone you trust who can help you develop this plan. Trust us that you don't want additional complications in this already complicated situation and that it would be best and easiest if you solved this situation right away. Any mistake you make now will lead to a much more complicated legal process that you definitely won't go through
