Special and common property declared!
In today's edition of our video blog you will learn whe special and common property functions.
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Here is the transcript of episode 20 to read:
If you are dealing with investment real estate and we are talking about a condominium, then you will always stumble over the two terms condominium and common property. Imagine a ten-family house with ten condominiums. Then there are things in this house that are shared by all. These things are the roof, the outer walls of the building, the staircase, the elevator. They belong to everyone.
This is community property.
And then there is the special property, which is a special property of an owner. For example, you own the apartment on the second floor with apartment number 4. Then only your tenant may use the rooms. Because it is special property of you. For this apartment all rooms of apartment 4 are to be sorted. There is a balcony attached to apartment 4. That means: this balcony may only be used by your tenant, because it belongs to your apartment. It is the special property of apartment number 4.
To stay in the example: There is a basement room in the basement. In the declaration of partition there is a plan and there is a "4" in one room. This means that this basement room is assigned to your apartment and may only be used by your tenant as special property. If you have a first floor apartment and there is a garden and it is perhaps separated by a hedge or a terrace, then this garden and this terrace may only be used by your tenant.
But: if it is either special property that belongs to your apartment or if you cannot separate it directly because it is a hedge, then it can also be that the garden is common property but in the declaration of partition a special use is exclusively sorted for your apartment. A special right of use. That means no one in the house, no one else may use this garden. Only the tenant of your apartment.
Thus, there is the difference between special property and common property.
Investment property, condominium, ten-family house, declaration of division, special property, common property, special right of use,