Saturday, 7 March 2015

Types Of Property

types of property

1. Joint ownership

Common property within the meaning of the Condominium Act are the property and parts, equipment or facilities of the building that are not in private property or the property of a third party (§ 1 para 5 WEG). Parts of the building that are necessary for its existence, or security, as well as equipment or facilities that serve the common use of the owners are not the subject of private property, even if you are in the area of ​​standing in the freehold premises are (§ 5 para. 2 WEG).

2. Special property

There are two types of private property

2.1 Residential Property

Residential property is private property in a gated apartment in connection with the ownership share in the common property to which it belongs (§ 1 para. 2 WEG).

2.2 Fractional Ownership

Part of the property is private property in sealed, non-residential serving rooms of a building in conjunction with the co-ownership of the common property, to which it belongs (§ 1 para. 3 WEG).

3. The subject of private property

Subject of private property under § 3 para. 1 WAY certain spaces and belonging to these spaces components of the building can be altered, removed or added without effecting the common property or a system based on private property rights of another owner about by also affected § 14 WEG permissible level or changed the exterior design of the building (§ 5 Abs. 1 WEG). From the definition of § 5 Abs. 1 WEG subject matter and content of private property it follows that private property in the two embodiments of the residential property as part of the property is always room property.