Definition : Divided co-ownership

A legal regime of ownership (colloquially designated condo) which allows many owners to own jointly one same immovable. Each of the co-owners owns therein a fraction which includes a private portion, of which he is the owner and has the exclusive use, along with a share of the common portions. These common portions are owned by all the co-owners. Divided co-ownership may apply to any type of immovable (for example: residential, commercial or industrial).

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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.
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  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.
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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.
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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.
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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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