Declaration of division – In the declaration of division, a property is divided into co-ownership shares. This means that the owner specifies that the ownership of a property is to be divided in such a way that each share is associated with the separate ownership of an apartment or a room not used for residential purposes. A notarial deed must be filed for entry in the land register. The three objectives of the declaration of division are, on the one hand, the determination of the amount of the co-ownership shares, the qualification of the special property and its purpose of use and, finally, the determination of the boundaries of common and special property and the possible guarantee of the special rights of use.
Declaration of division at a glance: Establishment of residential and partial ownership
- Property is divided into co-ownership shares
- Each share of the division shall be connected with the separate ownership of a dwelling or of a room not used for residential purposes
- A notarial certification must be submitted for the land register entry
- Objectives of the declaration of division: Determination of the amount of the shares, qualification of the special property and its purpose of use, guarantee of special rights of use
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