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Co-ownership: buying
an apartment
In
France
, properties comprised within a collective building
such as apartments are subject to particular rules and regulations (‘copropriété’).
The owner of each individual property also owns a share of the
communal areas. The amount of
the share is determined in the regulations governing the creation of the
co-owned properties and accords with the size of the individual property.
It is on the basis of the size of the shares in the communal parts
that the individual contribution to the services charges (‘les charges
de copropriété’), repair works e.t.c is determined.
Whilst owning a share of the communal areas, the individual owner
owns his or her property (e.g. apartment) outright.
There
is a management company (‘syndic de copropriété’) which is
responsible for the day to day administration of the co-owned property.
The company is normally a professional such as an estate agent.
In addition, there is an association of all the co-owners (‘syndicat
des copropriétaires’) which meets to decide on various issues such as
repair works, budget e.t.c. The
decisions of the association are put into effect by the management
company.
When
co-owned property is created, there will be a list of rules and
regulations (‘règlement de copropriété) governing the property which
includes restrictions designed to protect the overall aspect of the
property, safeguard individuals against nuisances caused by their
neighbours and ensure its good functioning.
There will be a document in which each individual property is
listed with the owner’s share in the communal areas specified (‘état
déscriptif de division’). In
addition, the rules relating to the association of co-owners will be given
in writing. Any future
purchaser should be aware of the contents of these documents as they
create a variety of important rights and obligations.
Each
owner will be responsible for paying a service charge as well as for
additional costs such as repair works decided upon by the association of
co-owners. These will be
collected and administered by the management company.
Upon sale, the vendor will remain responsible for the payment of
all charges up until the date of signing the deed of completion as well as
for the cost of all works which have been voted upon up until completion,
even should they be undertaken post this date.
However, it is possible for vendor and purchaser to agree to the
contrary and any purchaser of such a property should always understand
what the agreement is in this respect.
24/02/2003
- Issue of the week
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