When we want to buy a property in a property, we can find two cases: that the property is of horizontal property, or of vertical property. But what does this distinction refer to and what implications does it have?
We will explain it in the simplest possible way. Let’s get to it:
A whole building, where all the properties are of the same property, is a vertical property, that is to say that it lacks a quota to pay for the common elements to maintain, or a regulation of community of neighbours, and it is not governed by the regulation of horizontal property. Plainly speaking; building with real estate (flats and premises) that have to be sold whole as a unit or lot.
When there are several properties with different owners in a building, then we speak of a horizontal property. We explain: having common areas to share, your flat is yours, but you also own part of the building where you live. That’s the horizontal property, the common parts that belong to several owners. They are always governed by regulations and statutes, to ensure good coexistence between neighbours.
You already know the two types of properties that exist, in the horizontal property, that is what normally you will find, it is necessary to know well that neighbours live and regulations of the community, quotas to pay, pending spills, etc. But of that already we will treat it in another post.
In case you are a vertical property owner, if you want to sell the properties one by one, you will have to create some coefficients of each property, to specify, in the new deed of the property, the percentage that belongs to him, of the property.
In addition you will have to create the statutes of the community of neighbours. It is a slow process that may seem complex, but if it is done well there will be no problem in buying or selling the houses. In fact in any new building are to constitute the horizontal property and the statutes. That is why it is usual to leave a short period of time for horizontality to be constituted.
If you are in this situation where you have to create the coefficients of the property, the best advice we can give you is to seek expert advice on the matter and leave it in the hands of specialized lawyers. This way you will avoid possible unpleasant surprises in the future.