The declaration of co-ownership is a convention that organizes and regulates the collective life of the co-owners and occupants of the building. This Convention defines in particular their rights and obligations. It is usually developed unilaterally by the developer or owner of the building. Legally, the declaration of co-ownership is a real contract of adhesion, because any new co-owner is obliged to adhere to it.
This is a key legal document. Its publication gives rise to the co-ownership and the syndicate. Look at the different aspects of the declaration of co-ownership.
The declaration of co-ownership includes the set of rules ensuring the efficient organization of a co-ownership. Its knowledge by the members of the board of directors and by each co-owner is essential to the proper operation of the co-ownership. For a promisor-buyer, the declaration of co-ownership contains a wealth of useful information regarding the conditions of use and enjoyment of the private and common portions. Hence the necessity of reading this document before buying, to avoid unpleasant surprises, especially as to the use one intends to make of his lot.
When you purchase an apartment in an immovable held in divided co-ownership, you become the owner of your dwelling (private portion), but also the owner of an undivided portion of the immovable designated as common portion (for example: the ground, balconies, major components such as foundations and main walls). This, taken as a whole, including the common and private portion, is designated in legalese as: a fraction.
The fractions may contain one or more private portions. They are described in the declaration of co-ownership in the Section entitled the Description of the fractions, and they are physically identifiable. They may include an apartment, but also a parking space or a parcel of land (for example in townhouses or semi-detached homes).