Condominium subdivisionWhat is condominium subdivision?
Condominium subdivision is a process by which you establish ownership of a specific part of a building, i.e. your apartment and associated parts thereof. You can enter the established ownership into the land registers. The only legal proof of ownership of an apartment, premises or other property is an extract from the land registers. According to the Act on Ownership and Other Property Rights (Official Gazette 91/96), any premises in the building, including apartments, houses, garages, premises etc. CANNOT be entered in the land register until the condominium subdivision for a building is completed, that is, a report with the plan of the special parts of the building is prepared and until it is verified by all co-owners. As a co-owner of the building (that is, the owner of the apartment) you are entitled to a share in the shared premises of the building (a part of basement, garage, a part of attic in the building) and part of the land plot on which the building was built in which your apartment is located. If you fail to make condominium subdivision for your apartment, it will not be completely clear which part of the building is owned by you.
Condominium subdivision is to be done prior to all activities where it is necessary to establish ownership of special parts of the property i.e. have proper registrations in the land registers of certain real properties such as taking up a mortgage loan (mortgage cannot be entered if condominium subdivision has not been completed for an apartment), purchase or sale of real properties, division of family real properties, inherited estate division, determination of the share of individual co-owners in the cost of managing and maintaining the building.
If you engage our real estate agency for your property, no matter whether an apartment, house or premises are concerned, and condominium subdivision has not been completed for your property, our agency will in cooperation with our chartered architects/surveyors request the service of condominium subdivision before the process of selling the real property starts.