Residential Property

Residential property consists of a co-ownership share in commonhold property, (land and all buildings not under special ownership) and special ownership of rooms for residential purposes. Residential property is established upon construction of a building with different residential units in order to create commonhold apartments.

The property is divided up into co-ownership shares on the basis of the declaration of division, which also must be notarised, and special ownership in a certain apartment is assigned to these shares. The declaration of division also contains the rules governing the relationship between the apartment owners, the so-called commonhold property regulations, which are supplemented by the German Act on Residential Property (WEG).

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