Co-ownership
In German condominium law, the co-ownership share is an arithmetical fraction of the common property of a community of apartment owners .
General
In the conversion of a building in condominiums or partial ownership of the dividing owner defines for each special property in the partition declaration determines how many co-ownership ( MEA ) are represented thereby. Most of the time, the fragments are given as parts of 1,000, for larger objects also by 10,000 or more. As a rule, this is based on a fair distribution key that z. B. based on the ratio of the living space of the condominiums.
example
The sum of all residential and usable areas of the individual property in a building is 800 square meters (m²). Then there are 1.25 / 1000 co-ownership shares (MEA) for every square meter of private property (1000: 800 = 1.25). An apartment in this building with 50 m² of living space would correspond to 50 × 1.25 = 62.5 / 1000 MEA.
When determining, however, the sharing owner is not bound to use a fair key. For example, he can occupy his own apartment with 501/1000 MEA and only distribute the rest to the other owners. Whether he will find buyers for the apartments under these circumstances remains to be seen.
Legal issues
The German Civil Code (BGB) does not recognize ownership of buildings or even individual apartments. It regards the buildings erected on a property as essential components of the property ( Section 94 BGB). The fraction of co-ownership in accordance with § 1008 BGB is basically treated like sole ownership; the ideal share of the co-owner in the property is legally equivalent to the “property” item . By the Wohnungseigentumsgesetz (WEG), the special property allows to of each apartment only in conjunction with a co-ownership on the site, it fits in this system of attachment of the building to the plot a property. Accordingly, the joint ownership can, like the sole ownership on land with liens ( mortgage , mortgage , land charge ) charged to ( § 1114 BGB), which also applies to residential property according to § 6 WAY
Purpose of the co-ownership shares
The co-ownership shares are also the basis for the distribution of the costs of common property ( Section 16 (2) WEG), i.e. all expenses that are not borne by the individual owner ( annual account ). The owner with the most co-ownership shares therefore has the highest costs. As a rule, however, the distribution of costs is regulated separately in the declaration of division ( community regulations ), for example water costs according to consumption , management fee per residential unit .
The co-ownership shares also play an important role at the owners' meeting , as this, unless otherwise regulated in the community regulations, is initially only quorate if more than half of the co-ownership shares are represented ( Section 25 Paragraphs 3 and 4 WEG). The apartment owners exercise their voting rights regardless of the amount of their fractional ownership ( Section 3 Paragraph 1 WEG in conjunction with Section 1008 BGB); each owner has one vote ( Section 25 (2) WEG). In practice, a distribution of voting power based on co-ownership shares ( value principle or the number of units owned by an owner) is more common.
modification
A subsequent change in the co-ownership shares is theoretically possible, but practically impossible to enforce. For this, the consent of all owners would have to be obtained and all land registers , the allocation plan or the declaration of division would have to be changed. On the one hand, this is associated with a lot of effort, since all owners have to appear personally at a notary , plus the costs and on the other hand i. d. Usually at least one owner is worse off (e.g. due to a higher cost sharing) than before the change and the owner will then refuse to give his consent. There is no entitlement to such consent.
Co-ownership share in investment certificates
The co-ownership is in mutual fund shares for a fraction of the funds of the mutual funds distributed. According to Section 1 (10) of the KAGB, special funds are domestic investment funds in the form of contracts that are managed by an investment company for the account of the investors . The fund is specially protected by law, so that the issuer risk is essentially eliminated.
Individual evidence
- ↑ KGJ 52, 217
- ↑ Alexander C. Blankenstein, Condominium Law for Administrators , 2008, p. 292
- ↑ Werner Niedenführ / Egbert Kümmel / Nicole Vandenhouten, WEG: Commentary and Handbook on Condominium Law , 2010, p. 419
