Ownership separation in appartment building

Ownership separation in appartment building

We offer quick and favourable surveys of ownership separation in appartment building. Ownership separation in appartment building is the act of establishing ownership over a specific part of the building, i.e. over your apartment and its related parts. Confirmed ownership is entered into the land register. If you own an apartment in a non-residential building, you are in fact the owner of an undefined part of that very building. As a co-owner of the building ( i.e. owner of the apartment) you share common premises of the building (basement, garage, attic) and own a part of the land the building has been built on. If your appartment is not subdivided, it will not be entirely clear what part of the building you own. The only legal proof that you own the appartment, business space or any other property is an extract from land registers, i.e. land registry. Apartments, garages, business premises and others cannot be entered in the land registry unless the building is subdivided. If you own an appartment in a non-subdivided building, there is a possibility that your property documentation is available in the so called book of horizontal contracts. Accomplished ownership separation in appartment building makes following actions possible: obtaining a mortgage loan – buying or selling real estate – dividing family property – inheritance division – determining share of individual co-owners in facility management and maintenance costs.