Originating in the Latin word condominium, the term condominium refers, in the field of right , to power that two, three or more individuals have about a shared good.
It is possible to distinguish between ordinary condominium (a thing that can be divided and that allows different subjects to have participation percentages) and the common hand condo (when the good cannot be divided and its property falls on several people , without there being different participation fees).
Condominiums are part of what civil law knows as community of goods . This legal figure fits those cases in which a heritage It is shared by various legal or natural persons.
The notion of condominium usually applies to horizontal property . In these cases, a person is the owner of the buying unit (an apartment or apartment within a building, for example) and co-owner of the common spaces (corridors, elevators, etc.). The expenses that occur in these common spaces are distributed among all co-owners. To facilitate administration, it is common for co-owners of the condominium to hire the services of someone outside who is responsible for paying the expenses.
In this case, that person in charge of these tasks by the co-owners is the one called administrator. Among the main functions that it will have to undertake are to promote the good coexistence of all those, to inform them of everything that happens, to attend them in all the queries or contributions that they want to perform or to measure the degree of satisfaction that the aforementioned have with Regarding your work and the condominium itself.
One of the main problems that exist when, for example, a couple decides to separate, so that each of their members make a separate life, is to establish what to do with that condominium that they have and that is their home. In this case, although there are different alternatives, 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 "sells" their part of the house to the other.
If you bet, as we said before, in many of the cases for undertaking this action, it is almost fundamentally due to the fact that significant tax savings are achieved with respect to other possible measures.
It is important to emphasize the fact that to proceed to the extinction of the aforementioned condominium, transfer 50% of the ownership of the house of one of the two members of the couple to the other, you must go to a notary. This is where this action will be legally done that will cost 6% less than if a sale purchase was carried out.
For him international right , a condominium takes place when several state they exercise their powers on the same land. The Island of the Pheasants , a small islet on the Bidasoa River, is the smallest condominium in the world. Their sovereignty they share France and Spain , countries that alternate each semester in the administration of the territory.