The MPs passed the new law on condominium after giving it a first reading. This defines the procedure for constituting, registering and disbanding a condominium by signing the constitution document by the owner or co-owners of the land and the building located on this land, IPN reports.
The condominium constitution document will be submitted to the Local Cadastral Office and the state registration body of the Public Services Agency.
The law envisions the creation of the Condominium Repair and Development Fund and the payment of a financial contribution by owners into this fund. The law refers both to apartment owners and to owners of isolated rooms in multistory buildings.
The registration of condominium co-owners associations, deciding of shares of jointly owned property and their inclusion in the Register of Real Estate of the Local Cadastral Office will be covered with state budget funds.
A condominium is a type of living space which is similar to an apartment but which is independently sellable and therefore regarded as real estate. It is where the condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned, including stairs, elevators, playgrounds, yards and parking places.
