Every condominium lot includes:
- a private area, reserved for the exclusive use of the owner
- a share of the common areas
The common areas belong to all the owners. These include the walls, green spaces, stairs, the elevator, the roof, etc.
The thousandth (or tantieme) fraction is the unit of value used to calculate the share of common areas assigned to each condominium lot
The division in shares is defined by an expert surveyor and is calculated based on a certain amount of criteria: the rental value of a lot, its area, its orientation, etc.
As an example, a 100 m2 apartment facing directly South on the last floor of a building with no elevator, would have a bigger share than the studio located in the same building on the main floor and facing North.
It is possible for a condominium owner to purchase the common areas, but the procedures are often very long.
- 1/ you need to inform your condominium corporation, which in turn must prepare a record
- 2/ an expert surveyor will assign a value to the lot
- 3/the buyback proposal must be registered on the agenda of the next General Meeting. The decision must be taken by a two thirds majority.
- 4/ the decision will become final after 2 months (Act of 10 July 1965, article 42), article 42).
All expenses associated with this procedure are at the expense of the owner who requested it.
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