What is a co-owned building?
A co-owned building is defined by the law of 10 July 1965 as “a building or a group of buildings built for total or partial residential use whose ownership is divided in units between a number of people”. These people form an association, composed of co-owners, called a “residents association”.
The building is divided into common areas and private areas:
- The common areas of the building are defined by article 3 of the law of 10 July 1965: they include the floors, the exterior and green spaces, the structural work of the building, the common equipment, the access roads, corridors, free areas, passages, etc.
- The private areas are composed of apartments, commercial premises, cellars, car parks, or other private areas owned by the co-owners.
Each co-owner owns at least one lot, which includes a private area and a share of the common areas. This share is expressed as a percentage.
Who makes up the co-owned building?
Are you an owner in a co-owned building? Congratulations, you are now part of the residents association! This community, governed by rules, gives you access to rights but also creates certain duties binding on you.
In a building, being the owner of a lot (composed of a private area and a share of common areas) grants you rights and duties:
- Use of the private areas of your lot (apartment, garage, cellar) and a fraction of the common areas (green spaces, access road)
- Voting at the general meeting, to make all decisions concerning the building and its maintenance;
- Respecting the tranquillity of the other co-owners and the peacefulness of the building;
- Respecting the intended use of the building;
- Paying your share for maintenance expenses, day-to-day management and work in the building;
- Complying with the co-ownership regulations;
- Paying the management charges to the management company of your building.
Managing a building requires considerable administrative, accounting, technical and legal expertise.
The professional Management Company is a valuable real estate adviser and assists you with the everyday life of your building. We organise the important events for your building such as the general meeting of co-owners and scrupulously ensure compliance with the rules of the building.