Property: coownership thousandth fractions

Thousandths and allocated fractions – Definition and determination

(Legal basis: art. 1, 5, 6-1, 10, 11, 30 Act of 10 July 1965)
Each owner owns a share of the co-owned property.
This share is expressed in allocated fractions (a certain number that, carried over to the total of all shares, can be expressed as a percentage).
Most of the time, owners are divided into thousandths of shares, which is where the popular thousandths comes from; they are really just allocated fractions expressed in thousands.
Determining of the number of thousandths is open: 1 000, 10 000, 100 000. etc. It all depends on the size of the property and the number of lots.
In a co-owned property, thousandths represent the share of the common areas included in each lot. The thousandths calculation method is based on each lot’s private surface area. The number of thousandths is mentioned in the condominium by-laws and is used to determine the number of votes each owner holds, but it is also used to establish how co-ownership charges are distributed.

Is it possible to buy common areas in a co-owned property ?

Although it is actually possible for a co-owner to buy a common area in a property, it appears that in real life, this is a very long and drawn out process.
First of all, the co-owners’ association must be advised of it as they need to assess the lot in question.
Next, an expert surveyor will determine its value: he/she will assign a certain amount of thousandths to the new lot before establishing a new distribution of the thousandth fractions.
The buyback offer will then be added to the agenda of the next General Assembly and a majority of two thirds of the owners must approve.
The same rule applies with regards to modifying the breakdown of charges.
Finally, the decision will become final once the two-month time limit during which the condominium owners can challenge the decision taken has expired (article 42 of the Act of 10 July 1965).
It is a good idea to point out that surveyor and notary fees linked to the drafting of a new property description will be at the expense of the purchaser of the common area.