Definition : Divided co-ownership - Time-sharing

An ownership regime which consists of regrouping, in a same immovable, several persons having a right of periodical and successive enjoyment of the same apartment. It is generally found in resorts.

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The purchase of a condo leased to a third party is a frequent occurrence in the resale market. Save for an agreement to the contrary, nothing prohibits a co-owner lessor from selling and a purchaser of purchasing an apartment even though the tenant wishes to continue to reside in it. The lease is attached to the immovable, not to the co-owner/ lessor. The lease will continue to be in force even if the unit is sold and the terms and conditions of the lease shall remain the same.
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The declaration of co-ownership is the deed containing all the organizational rules of a co-ownership. This document also provides conditions of use and enjoyment of the common and private portions.
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