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The new Law on condominium will allow more efficiently exploit and maintain the housing stock of the country.

The new Law on condominium will allow more efficiently exploit and maintain the housing stock of the country.

The Parliamentary Commission on Economy, Budget and Finance reviewed the condominium bill and submitted it for approval. The law regulates condominium property relations, the management, exploitation and disposition of ownership and transfer of ownership in a condominium, the creation, registration, modification and liquidation of a condominium, the creation, registration, activity and dissolution of the Associations / Owners' Communities in the condominium. The explanatory note to the document states that the current similar law is applicable only in the case of apartment buildings and in relation to apartment owners, but does not apply to owners of isolated premises in high-rise buildings. The current law does not provide a mechanism for establishing the share of apartment owners in the common ownership of a condominium. Despite the fact that de jure joint property in a condominium is the property of apartment owners, as well as other owners of isolated premises in multi-storey buildings, it is still registered in the Register of real estate owned by the state or owned by administrative-territorial units, and not in common ownership. Mandatory registration of the right to common property in terms of the 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 its funds, as well as other financial resources of the Association will motivate apartment owners to better manage property. The new law stipulates the mechanism of 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 on the common property in the condominium. This right will protect them from re-selling property from the housing stock. The bill also establishes the conditions under which a condominium should be created and registered. In particular, two ways of managing joint property are specified - directly by tenants and the Association of condominium owners. 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, obligatory payments when creating a fund, funds will become more available for sound and heat insulation of the building, as well as for the installation of modern equipment to account for heat and maintain normal room temperature. 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.//21.11.2018 - InfoMarket.

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