Condominium ownership is a form of property ownership that combines individual personal ownership of a flat/apartment and common ownership of the premises belonging to the property.
Shared ownership is the joint use of the premises of the building by the other owners of the flats or apartments.
In most cases, these are apartment complexes with flats or apartments in gated secure complexes, which also include recreational and sports facilities.
These complexes may have, for example, a shared community swimming pool, tennis courts, on-site fitness facilities, saunas, swimming pool, underground garages, etc. But it can also be quite ordinary common areas such as: common elevators, corridors, entrances, parking spaces, etc.
The area can also be fenced and guarded by security and CCTV.
In some holiday complexes with apartments, the owners also have an additional service provided by the management or the building manager. For example, they may use a caretaker to ensure that problems are promptly rectified when there are breakdowns or problems. They can also use services related to the rental of their own property, laundry and others.
Of course, every service provided also costs money.
How does condominium ownership work?
Condominium ownership is composed of two main elements:
- Individual unit ownership: Each owner has exclusive title to his or her condo or apartment. He or she may use, sell, lease, or otherwise dispose of it as he or she sees fit, similar to traditional real estate ownership.
- Co-ownership of the common parts of the building: The owner also has a share in the common parts of the building. These parts include the land under the building, the common areas (corridors, staircases), but also technical equipment such as elevators or boiler room.
Legal aspects and obligations
Every owner in a condominium property has certain rights but also obligations. From a legal point of view, the most important thing is that each owner must respect the common rules and contribute to the maintenance of the common parts of the building. This is usually done through regular charges to a repair fund, which are used for maintenance, repairs or upgrades.
The management of the building is usually entrusted to a manager, a designated management team who looks after the building, or the owners’ association.
Condominium ownership is a practical way to own a condo or apartment in a multi-unit building. This model brings various benefits, such as sharing maintenance costs and access to common facilities, but it also involves responsibilities, such as respecting common rules and contributing to the management of the building and common areas.
