Divided co-ownership

Key features of a divided co-ownership property

• The buyer acquires a private portion (e.g. an apartment, a private parking space) and a percentage of the building's common portions (e.g. hallways, elevator shafts, swimming pool, etc.).
• The buyer will be the sole owner of his private portion and will share the use of the common portions with the other co-owners. 
• A co-owner may have exclusive use of certain restricted common portions, such as a patio or balcony.  This information must be indicated in the section “Summary description of the immovable” of your brokerage contract.
• The apartment will have its own lot number (cadastre) and its own school and municipal tax bills.
• The owner may sell his fraction without notifying the other co-owners. 
• If a neighbour experiences solvency issues, the other co-owners will not be affected by his or her mortgage situation.
• A syndicate of co-owners is set up to run the building and maintain and manage common areas.
• A declaration of co-ownership must be notarized and published in the Land Register to establish the rules governing the building.