Important point: in order for the co-ownership agreement to be binding on any new co-owner, the co-owners must publish it in the land registry, unless the rights to that contract have been transferred to him and they are required to fulfil the obligations that flow from it. Unlike shared co-ownership (housing), no farm is applicable or necessary. Each of the co-owners has an indisputable property right over the entire building and has an entrance fee to his apartment. He thus became co-owner of the inhabited apartment. The same applies to the dwellings inhabited by its neighbours. A co-owner property contract has many uses, for example.B. the description of rooms exclusively intended for the use of co-owners, such as apartments or car parks. The agreement can and should define the rules of operation and management of the common property in order to harmonize relations between the co-owners. It can be renewed at any time. On the other hand, this agreement cannot exceed 30 years.
The solution: a joint ownership agreement signed by all the co-owners to create what notaries call organized undivided co-ownership. Finally, I recommend that you get information from a notary about the specifications of an undivided condominium. Anyone wishing to convert a property into shared co-ownership is prohibited from using the nuisances and thus restricting the tenant`s rights to enjoy his dwelling safely. The concept of undivided co-ownership is relatively broad. In addition, this applies to couples who buy a home, as well as to family members who inherit a property or for three people who buy a triplex together. In these three examples, they are all undivided co-owners. Unlike shared co-ownership, dwellings are not individualized and there is no need for previous land transactions. The immobility is the subject of a unique real estate assessment. This is why the authorities only set a tax bill for the property as a whole.
You, together with all the other co-owners, have an undivided right of ownership over the whole property in relation to the value of your stock. Common heirs who inherit the same property will also find themselves in an undivided ownership situation. A judgment can also lead to the ownership of a property assigning two persons, who then become undivided co-owners. Another example would be a transfer of ownership judgment, in which promising sellers or buyers refused to meet their commitments on the contract. Condominiums not distributed by law are rather rare, but this is especially the case for joint works that cross the demarcation line (walls, ditches, fences, etc.). The Indivision agreement allows co-owners without sharing to abstain from the rules of the law. She can take care of herself, for example. B, decision-making, use of real estate, distribution of expenses and revenues, end of division conditions, etc. Such an agreement becomes the law of the parties. Sometimes, certain paragraphs inserted in the purchase-fedat agreement will replace an indivision agreement. In addition, financial institutions, in an undivided co-ownership, generally require the intervention of all co-owners to grant a loan guaranteed by an assumption.
Each co-owner (including yourself) is then jointly responsible for the repayment of the loan.
