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Is it possible to buy common areas in a condominium? Category: Practical guidelines Chapter: Buying Selling Although it is actually possible for a condominium owner to buy a common area in a condominium, it appears that in real life, this is a very long and drawn out process. First of all, the condominium corporation must be advised of it as they need to prepare an application to evaluate the lot at issue. 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 condominium’s thousandths. The buyback offer will then be added to the agenda of the next General Assembly (GA) and it is by the majority of two thirds of the condominium owners that the decision will have to be taken. The same rule will apply to modify the distribution of charges. Finally, the decision will become final once the two-month time limit during which the condominium owners can challenge the decision taken will have 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. Updated on: 06/06/2008 And on the same subject: Coownership thousandth fractions 2008-2012 L'immobilier 100% entre Particuliers. All rights reserved Real estate between individuals Questions - Answers Codominium

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