Property division deeds

A ‘property division deed’ is used to divide a building into separately owned units (known as ‘commonhold units’ in the UK and ‘condominiums’ in the USA). This allows individual parts of the building (usually apartments) to be bought and sold separately. A property division deed is signed by the building’s owner and the notary. A certified copy of the deed and a plan showing the precise position and dimensions of each unit are then lodged with the Cadastre, Land Registry and Mapping Agency.

 

A property division deed establishes which parts of the building are subject to exclusive usage by the owners of the individual units and which parts are common areas. It sets out how maintenance costs are to be divided and contains rules with regard to the use of both private and common areas. The property division deed also establishes the Constitution of the Owners’ Association.

In many cases, the deed does not cover every aspect in detail but refers to a standard set of property division regulations of a specific date. It is then only necessary to stipulate any exceptions to the standard regulations.

 

Anyone considering the purchase of an apartment is advised to have the property division deed assessed by an expert. Only then will you have complete information about your rights and responsibilities as an owner.

 

Please contact us if you require further information about property division deeds. We shall be pleased to be of assistance.

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