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The joint ownership


The joint ownership is an organization of a building or group of building which is divided into lots among several people, including for each one privative part. A joint ownership regulation is a written document which defines the operating rules and determines the rights and obligations of the joint ownership. This is an obligatory act which is imposed on owners and tenants. A copy of the building regulations has to be given to each new owner with the signing of the deed at the notary. When the owner decides to rent his apartment, he has to also deliver a copy of the rules of joint ownership to tenants.

All co-owners, without exception, are necessarily grouped in co-owners association. The co-owners has several missions, the first is to be in charge of managing the building and its equipment, but they also vote to all owners for the improvement of joint ownership, changing the regulation on the use and administration of the Public and the acts of acquisition and sale. When the decisions are voted on by all owners, they are executed by the union. All joint ownership has to possess a trustee to administer it.

A trustee must be appointed by an absolute majority, it can be professional (a person engaged in its own name or a company) or not (as an owner for example). However, it must meet certain conditions to exercise this right, such as proof of adequate financial security intended to ensure the co-ownership reimbursement of its funds in bankruptcy or to justify professional liability insurance.

A managing agent is a legal representative of co-owners, which has the main missions of administering the building ensuring its good condition to ensure the implementation of the provisions of the condominium rules and the deliberations of the general meeting or of establishing the budget, the accounts of the joint ownership and single counts of charges of each co-owner.