Each owner has the right to use or own the property in certain proportions, but neither owner can exercise this right to the detriment of the rights of the others. If the property generates a profit for example, the garden in question is leased, then the co-owners are entitled to it in proportion to their ownership. They will be charged the same proportion of the cost of maintaining it as in the example: maintaining the garden at a common cost, hiring a gardener, watering the lawn, etc. Finding the best choices with https://www.buyingdenvercondos.com/ is easy now.
Unless ownership shares are clearly defined, they are shared equally by owners. As provided by law ownership of joint ownership is not transferable and transferable. Ownership, use and utilization of the common property are decided by the majority of shareholders and the proportion of voting rights is proportional to the proportion of ownership. The unanimous decision of the co-owners is required for the transfer, leasing, use, lien or other encumbrance of the title.
Shared properties of the condominium
In the case of condominiums, the ownership must already be specified in the deed of incorporation:
- Apartments
- Non-residential premises e.g. storage,
- Building parts
- Building equipment e.g. staircase, elevator shaft,
- Lands, as well as
- Ownership shares of each co-owner.
In addition to non-residential premises, the janitor’s apartment may also be jointly owned by the owners. The supporting structures of the building and the part of the building serving the safety or stability of the building are also in common ownership even if it is located in a separately owned dwelling or non-dwelling space.
Borrowing
If you want to sell or offer undivided jointly owned real estate as collateral for a mortgage loan, banks will use a so-called. a sharing agreement is requested. In addition, in the case of purchase the other owners’ disclaimers of their pre-emption rights. In other words, up to the extent of the contract, the undivided joint ownership may be included as collateral. If the apartments are in shared ownership, the owners can do two things:
- Turn into condominiums where the apartments are owned separately and the common areas (staircase, garden, cellar, etc.) remain in common ownership,
- They make a usage-sharing agreement that shows exactly which parts of the property in nature are part of the property, which is which apartment to use.
The usage-sharing agreement also includes a blueprint of the property, which clearly identifies the areas used by each owner and the common areas, if any, in the property. A usage agreement is a more cost-effective and faster solution, it takes at least sixty days to convert to condominiums, and it also entails higher costs or drafting a deed of incorporation, etc.
Right of pre-emption
In the case of undivided shared property, if you wish to sell your share of ownership of the apartment, the other owners will have the right of first refusal. This means that they will be the first to buy the ownership, and if they do not wish to do so, they will have to waive this right in writing. Only then will the ownership of the property be sold.
Elimination
The deed of incorporation may authorize the owners to sell the joint property if the property can be developed as separate property or can be expanded with existing separate property e.g. if there is unused storage next to our home.