Tuesday, November 06, 2012

How to make the division of constructed property


Thanks to the creation of the “Ley de Propiedad Horizontal” [Argentina law over horizontal property], the division problems of certain property that does not reach the minimum width has been solved. Although each municipality has different minimums in property width, in those cases where said minimum is not reached, you can make a units (in Spanish, “unidad funcional”), instead of separate properties.

These units (separated in one same property) are owned by an exclusive owner; still, the property usually has some common areas, where all the owners of units work as co-owners. Each horizontal property must have established co-owner’s regulations which set up standard rules over the property. In these rules, the division of the property and its units is described. The divisions are detailed in percentages.

The subdivision of a property in order to turn them into units, in Argentina, is in charge of a surveyor, or an engineer (specialized in measurement). It is very important that the draft of the Horizontal Property coincides with the municipal plan/draft, and this applies both to already built properties and future ones.

In order to understand how horizontal property works, the clearer example is an apartment building. Apartments in buildings are described within the Argentine law of horizontal property. In the case of apartment buildings, the person who buys an apartment has full proprietorship of that unit, and co-owns the common areas of the building (like elevators, halls, swimming pools, and any other amenities that the building has).

To conclude, the subdivision of the units in a horizontal property must be done by a specialist, and divisions must be done according to the corresponding measures established by each municipality. And remember, there must be a co-ownership regulation.