In an unshared or Eastern account, a sub-manager may be responsible for placing 15% of a problem, while others will take the rest. If the total issue is not placed, the company must help place the rest at 15%. As the name suggests, an undivided condominium means that the entire building belongs to more than one owner and has a single lot number with the land registry. Although this definition covers the typical case of a couple who own a home together, this article concerns « plex » buildings as undivided real estate in which many homeowners each live in their dwelling. WHAT YOU NEED TO KNOW! The Indivision agreement is optional and does not result in a classification. Although the law does not impose it, it must be published in the land registry so that it can be established against third parties. Of course, this could also limit the number of potential buyers when you offer the property for sale. Although the market value of an undivided property is relatively low, it may be more difficult for this type of buyer to pay the necessary down payment. Agreement to determine the modus operandi and the management of an undivided condominium. This is unrestricted: even if it is not mandatory, it is advisable to create an emergency fund for undivided real estate in case of unforeseen expenses. In most cases, a notary designs the Indivision Agreement. Its contents can be adapted to the needs of the undivided co-owners and the characteristics of immobility. This is a contract that can only be amended with the agreement of the co-owners.
Since the co-owners do not have a capital company and are not obliged to pay condominium charges (as is the case for shared co-owners), it is in their best interest to protect themselves from possible financial setbacks of other co-owners. To this end, co-owners can choose to sign a property agreement that imposes, among other things, the way the building is used and managed, thus creating what is called an organized, undivided condominium. A property contract defines the parts reserved for the exclusive use of the owners, including dwellings and car parks. The agreement also contains safeguard measures to ensure that the co-owners each cover the costs of their various obligations. In the absence of this ownership agreement, the purchase of an undivided property carries increased risk of conflict and even financial losses.