What is Condominium Ownership?
Flat Ownership is the independent ownership right established by the owner and/or co-owners of that real estate over the sections of a completed building such as floors, flats, business offices, shops, stores, cellars and warehouses that can be used separately and independently.
According to the Condominium Law, condominium ownership is a form of ownership that allows more than one person to establish ownership rights on a real estate. This law regulates the establishment and management of condominiums and the rights and obligations of condominium owners.
Advantages of Condominium Ownership:
• Independent Ownership: Along with condominium ownership, the title deeds of each independent section are issued separately. In this way, the owner of each independent section has full authority over his own property.
• Safe Investment: The condominium deed is the official document of ownership of the real estate. In this way, condominiums are considered a safe investment tool.
• Easy Management: The Condominium Law stipulates that flat owners form a flat owners’ board for the management of common areas. In this way, the use and maintenance of common areas is made easier.
Disadvantages of Condominium Ownership:
• Management of Common Areas: Management and maintenance of common areas may cause disputes between flat owners.
• Dues Obligation: Flat owners must pay dues for the maintenance and management of common areas.
• Complexity of the Condominium Law: The Condominium Law is a complex law. For this reason, it is important to get legal support in transactions related to condominium ownership.
Establishment of Flat Ownership:
To establish a condominium, the following conditions must be met:
• The construction of the building is completed
• Obtaining the building’s occupancy certificate
• Independent sections are suitable for separate use
• Establishment of the flat owners board
• Condominium
