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Living in a crowded building offers countless advantages, such as the possibility of reducing expenses by sharing entire areas and rooms used for the most varied services. Over the years, however, some of them may become obsolete. And what happens when these shared areas cease to be used? If you want to avoid financial damage, selling them becomes an interesting option, but first of all you need to understand how the alienation of the common areas of the condominium works
These are almost everyday situations, also because the shared areas – as established by Article 1117 of the Civil Code – are many more than you might imagine:
- the essential structures of the building, such as the foundations or load-bearing walls;
- the common areas, such as parking lots, laundry rooms and concierges;
- the shared services, i.e. the sewers, water systems and even the elevator.
To avoid incurring any penalties and compromising a good sale You can't improvise: you have to follow the correct procedures. If you have no idea where to start, we at Casavo have you covered: here's a simple guide on the sale of common areas in a condominium.
When is it possible to sell a condominium property
The requirement for selling a condominium property is one, and very simple: the unanimous vote of the owners during the condominium meeting. Even a single negative opinion is enough, in fact, to nullify the possibility of a sale.
The reason is simple: all condominium owners own the common areas in equal measure. Although these spaces are formally divided into small parts, the thousandths shares are actually ideal, indivisible. Consequently, no one can decide to independently sell a single share and transfer their portion without the consent of the other owners.
Not even a condominium administrator can freely decide to sell a common area of the condominium and force the situation. Thus, without mediation between the parties, there is often a risk of abandoning entire areas of a building and depreciating the value of the property.
When is it possible to rent out a condominium property
When it comes to leasing, however, reaching an agreement becomes much simpler. Renting a common area of the condominium brings with it many advantages, from savings on collective costs to enhancing the value of perhaps abandoned premises. An unused concierge, a small guardhouse, and even a shared terrace represent economic opportunities not to be missed.
From a formal point of view, there is not much difference compared to selling. In fact, when it comes to selling the common areas of a condominium, only two aspects matter: the thousandths shares and the vote of the tenants' meeting. However, in the case of renting, a simple majority of the owners is sufficient – that is, approximately one-third – provided that the duration of the lease does not exceed nine years. For all properties with longer contracts, however, the interested parties must necessarily agree unanimously.
Now that you understand how to revalue a fraction of a condominium, discover how simple selling it can be. Decide whether to offer it to us at Casavo or use our classifieds platform: you'll save time and energy either way!