- Divided co-ownership : Divided co-ownership
Definition : Divided co-ownership
Legal regime under which an immovable is subject to a declaration of co-ownership , the purpose of which is to govern the relationship between the co-owners and the directors. By the publication of the declaration of co-ownership, the immovable is divided into fractions, owned by one or more persons, called "co-owners". Each of the co-owners owns a fraction comprising a ? private portion and a share of the common portions. These common portions belong to all the co-owners. All immovables, whether residential, commercial or industrial, may, in principle, be subject to the divided co-ownership regime.
WARNING! Divided co-ownerships and syndicates of co-owners exist only as of the publication of the declaration of co-ownership at the Land registry office (Land Register).
When shopping for an apartment, you must find out if it is in a divided or undivided co-ownership. Even though both concepts are similar in that their ultimate goal is the partition of an immovable between several persons called co-owners, the financial and legal commitments are different.
From the first day of existence of the co-ownership, that is to say when its declaration of co-ownership is published in the Land Register of Quebec, the co-owners as one body constitute a “syndicate of co-owners”. This legal person must ensure the "preservation of the immovable and manage the common portions." To form this co-ownership several steps involving many protagonists are necessary.
An immovable whose dwellings are all occupied by undivided owners, can be converted into divided co-ownerships, subject to certain conditions. But carrying out this conversion requires to overcome several steps involving all owners concerned.
In co-ownership, the rights of withdrawal and of preemption may disrupt the course of a real estate transaction. In my practice, I had to intervene a number of times before proceeding with a sale, often to the astonishment (and sometimes displeasure!) of the parties, to safeguard their rights.
We often hear the words "condo", "condo fees", "purchase and sale of a condo" and "Condolegal.com".
Question: What is the origin of the word “condo” and what does it really mean?
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