A condominium is a shared asset.
Originating from the Latin word condominium , the term condominium refers, in the field of law , to the power that two, three or more individuals have over a shared asset.
It is possible to distinguish between the ordinary condominium (something that can be divided and that allows different subjects to have percentages of participation) and the condominium in common hands (when the property cannot be divided and its ownership falls on several people, without there being different participation fees).
The condominium, a community of goods
Condominiums are part of what civil law knows as community of property . This legal figure covers those cases in which assets are shared by various legal or natural persons.
The notion of condominium is usually applied to horizontally owned properties . In these cases, a person is the owner of the unit they purchase (an apartment or apartment within a building, for example) and co-owner of the common spaces (hallways, elevators, etc.). The expenses incurred in these common spaces are shared between all the co-owners. To facilitate administration, it is common for the co-owners of the condominium to hire the services of someone external who is in charge of settling the expenses.
In this case, the person in charge of these tasks by the co-owners is called the administrator. Among the main functions that it will have to undertake are promoting the good coexistence of all those, informing them of everything that happens, assisting them with all the queries or contributions they want to make or measuring the degree of satisfaction that those mentioned have with them. regarding his work and the condominium itself.
It is common for the concept of condominium to be applied to a horizontally owned property.
The extinction
One of the main problems that exist when, for example, a couple decides to separate, so that each of its members can lead a separate life, is establishing what to do with that condominium that they have and that is their home. In this case, although different alternatives are proposed, one of the most frequent is to carry out the extinction of the condominium. This is neither more nor less than one of the two "selling" their share of the house to the other.
If you bet, as we said before, in many cases on undertaking this action it is almost, fundamentally, on the fact that significant tax savings are achieved with respect to other possible measures.
It is important to emphasize the fact that to proceed with the termination of the aforementioned condominium, transferring 50% of the ownership of the house from one of the two members of the couple to the other, you must go to a notary office. That is where this action will be carried out legally, which will cost 6% less than if a sale were carried out.
Condominium in international law
For international law , a condominium takes place when several States exercise their powers over the same land.
Pheasant Island , a small islet on the Bidasoa River, is the smallest condominium in the world. Its sovereignty is shared by France and Spain , countries that alternate every semester in the administration of the territory.