CO-OWNERSHIP OF PROPERTYThe law provides for two types of co-ownership

Those acquiring the co-ownership of a property must be properly informed of their rights and obligations. The first step is to define the type of co-ownership.

Divided co-ownership

Commonly called "condominium ownership", divided co-ownership permits the division of a building into exclusive parts which belong to their respective owners and common parts which are owned jointly by all the co-owners.

Example: You buy the second floor in a three-storey condominium. Your are the sole owner of the second floor (the exclusive part), but you and your two neighbours share co-ownership of the common parts, such as the outside walls, the land, the roof, and so forth.

Undivided co-ownership

A property of this type belong to several individuals, each of whom owns a fraction. No one owns exclusive part of the property.

Example: Although you live on the second floor of your triplex, your two neighbours share its ownership with you, just as you share the ownership of their dwellings.

Selling
What conditions govern the sale of a condominium?

Each condominium owner is free to sell or mortgage (hypothecate) his or her condominium unit. However, the declaration may contain restrictions which you should know about before the preliminary contract is signed.

Your notary is the specialist in condominium ownership law.

Your rights and obligations
What do the declaration of co-ownership and the by-laws cover?

The declaration of co-ownership divides the property into exclusive parts, common parts, and common parts used by certain condominium owners only. It specifies the purpose of the property, i.e. the use of the condominium owners may make of it (commercial or residential, for example). A detailed by-law may stipulate restrictions on the use of each part of the property. For example, it might specify that no animals are allowed in the units.

Each condominium is governed by a notarial declaration of co-ownership and by-laws. But most important, before you sign the preliminary contract that will firmly commit you, consult your notary. He or she is the specialist in condominium law.