The owner of a building in which there are at least two separate functional utility rooms may make an Owner’s Declaration dividing the property into units.
What is the Owner’s Declaration?
An owner’s declaration is a legal document by which a property owner indicates that he or she is interested in dividing his or her property into units. After the registration of the ownership right in the Land Registry, it is deposited in documentary form in the collection of deeds of the relevant land registry office.
What are the advantages of the Owner’s Declaration?
The owner’s declaration divides the ownership of the property as a whole into the ownership rights of several persons to individual units. These can then be individually sold or donated, and can also be encumbered by a lien, etc.
How to make an Owner’s Declaration?
The owner’s declaration must be registered by the competent cadastral office in the land register and must contain data on the land, the house, the municipality and the cadastral area, data on the unit (naming and designation of individual flats, identification and description of common parts, size of shares in common parts) and data on property and other rights and defects that pass to all owners, or only to some of them, together with the creation of the ownership right to the unit.