Dividing a building into apartment rights is a precise process that ensures each owner’s rights and obligations are legally defined. But how does it work, and what should real estate agents know about it? What is division? When a building is divided into apartment rights, each owner gains exclusive rights to a specific part of…
In disputes about what’s private or shared in an apartment complex, it’s crucial to know which document takes precedence. Typically, this involves the deed of division and the division plan. But what happens when these conflict? Deed of Division: The Legal Foundation The deed of division is drafted by a notary and registered in the…
When buying an apartment, terms like “ownership shares” often come up in the deed of division. But what do these shares represent, and why are they important? For real estate agents, explaining this to buyers and sellers is crucial. What are ownership shares? Ownership shares determine an apartment owner’s stake in the entire building. This…
Problems within a Homeowners’ Association (HOA), such as financial shortages or conflicts, can delay or complicate the sale of an apartment. By identifying and resolving these issues early, agents can streamline the sales process. Common HOA Issues How to Identify Issues Strategies for Improvement Why Does This Matter? A well-functioning HOA boosts an apartment’s marketability…
When dealing with apartments and HOAs, model regulations often play a key role. These standard rules form the foundation for many declarations of division. But which version applies to your HOA? And what should agents know? What are model regulations? Model regulations, created by notarial organizations, provide standard rules covering: Although standardized, the deed of…
As a real estate agent, you’ll often deal with apartments. But did you know that buying or selling an apartment involves more than just the unit itself? That’s where apartment law comes in. What is apartment law? Apartment law grants the owner the exclusive right to use a specific part of a building, such as…
