Definition : Share (private portion)

 

Share of the right of ownership that a co-owner holds in a private portion with one or more other co-owners. The undivided co-owners of a fraction exercise their voting rights in the proportion of their undivided share. For example, Robert, undivided co-owner, owns 60% of the apartment and Louise, the other undivided co-owner, owns 40%, while the apartment has a relative value of 10%: Robert will have 6 votes at the meeting and Louise 4 votes.

 WHAT YOU SHOULD KNOW! The shares of the undivided co-owners are presumed equal, unless the deed of sale or an indivision agreement mentions a different distribution.

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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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In divided co-ownership, the right of ownership is divided, among the co-owners, by "fractions", each comprising a materially divided private portion (e.g. an apartment, a parking or storage space, and sometimes even a plot of land) and a share  of the common portions. To each fraction is attached an undivided right of ownership in the common portions, and sometimes the right to use the common portions for restricted use. The fraction is the result of the division of a building to create a condominium. In other words, the addition of all the fractions constitutes, by the effect of the publication of a declaration of co-ownership, the condominium building.
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