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Parliament of Moldova adopted in final reading a new law on condominium, which will allow more efficiently exploit and maintain the housing stock of the country

Parliament of Moldova adopted in final reading a new law on condominium, which will allow more efficiently exploit and maintain the housing stock of the country

The purpose of the law is to ensure the proper management and operation of the condominium, the protection of the legal rights and interests of the owners of the cells in the condominium, including their physical and financial security, as well as the security of buildings, cells and parts in the condominium. It is stipulated that each person who becomes the owner of a cell in a condominium becomes a full member of the Associations / Communities of owners in the condominium. As the Minister of Economy and Infrastructure, Chiril Gaburici, said earlier, the current law on condominium is outdated and has become ineffective from several points of view, because it applies only to residential buildings and apartment owners, but not to the owners of individual isolated premises in high-rise buildings. According to him, at present, apartment owners do not have ownership rights related to the land and common parts of the building, they don’t want to equip these premises and cover the corresponding expenses. The new bill changes this approach. According to the Minister, the mandatory registration of the right to common property by share in the condominium, the mandatory creation of the Condominium Repair and Development Fund, as well as the mandatory financial participation of the owners in the creation of the fund and the transparent use of the fund’s assets, as well as other financial resources of the Association will motivate the apartment owners to more efficient property management. Also, it is provided a mechanism for the distribution and registration of common share property, as well as its registration in the Real Estate Register. In the case of new buildings, the condominium will be created immediately after obtaining a building permit and will be registered as future property. Apartment buyers will automatically receive a share in the common property of the condominium. This right will protect them from re-selling property from the housing stock. There are two ways to manage joint property - directly by tenants - by the community of owners in the condominium and the Condominium Owners Association. Simultaneously with the registration of a condominium, an association of condominium co-owners and ownership of common premises, with proper management of the funds of the Repair and Development Fund, funds will become more available for sound and heat insulation of the building, as well as for installing modern equipment for heat metering and maintenance of normal room temperature. The owner is obliged to make contributions to the fund, in accordance with the size of the participation share. The decision on the amount of contribution to the fund is made annually. It is stipulated that the finances of the fund are stored in a separate bank account. In the invoice issued to the owner, a separate line will be indicated on the amount of contributions to the fund in accordance with the decision of the general meeting of owners. A condominium is a collection of immovable property consisting of a land plot and one or more buildings belonging to a number of persons and managed jointly. Common parts of the condominium are the land on which the building is located, corridors, stairs, elevator, recreational space, children's playground, courtyards, gardens and parking spaces. //30.11.2018 - InfoMarket.

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