Real Estate Blog

Horizontal Ownership

06 Feb 2015

Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

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Horizontal Ownership is established when the owner of a building divides it in more than one independent properties, attributing a specific percentage of co-ownership on the plot and the building's common parts (roof, yard etc.) in each one of them.The most common type of horizontal property is the one established in buildings with more floors where each floor or each apartment in each floor constitutes a separate horizontal property with a certain percentage on the plot and the building's common areas which are co-owned by the owners of the apartments/horizontal properties.

The establishment of horizontal ownership is done through a notarial act, or may be constituted through a testament, rarely even through a court decision. Ιn either of these cases, it has to be signed by all the owners of the plot and registered at the local land registry/cadastral office. Generally the establishment of horizontal properties is accompanied by the Regulation of the Condominium, which is also a notarial act listing the owners' rights and obligations deriving from the joint ownership and coping with all issues related to the operation of the condominium, including that of management, decision making, definition of the bodies governing the complex etc. It must be signed by all the co-owners of the plot and should also be registered at the relevant land registry / cadastral office.

 

athina.ledaki@gmail.com

 


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