Horizontal division is the division of a property into small properties that are independent of each other. The objective is none other than to be able to manage the resulting properties individually and for each owner to be able to make decisions separately from the whole property.
Horizontal property is regulated by the Land Law, the Mortgage Law and the Horizontal Property Law.
It should be noted that the common areas of a building belong to all the owners and that each owner has a percentage of that common part of the property according to the square meters of the individualized property of which he is the owner.
How is the horizontal property regime constituted?
According to the Horizontal Property Law, it must be constituted by means of a public deed presented before a notary by a sole owner or by the different joint owners, as long as they hold 100% of the ownership of the property.
By means of the formalization of this deed, access to the Property Registry will be granted and optionally the Statutes will be granted in which the different rules for the exercise of the property rights will appear, as well as all the aspects related to the expenses, the conservation of the property, etc.
Likewise, once the deed is delivered, a book of minutes must be created and followed. This document must reflect the different agreements that have been reached in the different meetings of owners, which must be held at least once a year.
Who makes the horizontal division of a building?
• It can be constituted by several agents:Real estate developer: In the case of new construction.
• Owners: When there are individual owners in an existing building, they can decide to make a horizontal division to delimit and establish the private or common areas of each unit.
Figures that govern in a community of neighbors according to the horizontal property law
- The governing bodies of the community of neighbors, are:
- The board of owners
- The president
- The vice-president
- The secretary
- The administrator
The importance of the horizontal division in real estate complexes
Horizontal property is not only present in neighborhood buildings, but has also been extended to different real estate complexes, such as Communities of Owners of Villas or Industrial Warehouses. In many of these spaces, the horizontal modality has been chosen instead of the vertical modality to establish the common use of elements such as gardens or telecommunications by the different owners.
If you wish to obtain more information on how these Communities of Owners work or if you have any specific questions, please do not hesitate to contact us. The Imont Legal team is here to help you.