How to buy back a common part of your building ?

It's not always a joy when you have to share certain parts of your building with other inhabitants, especially when you are in a condominium. So, it can happen to think about buying them back to have them only for yourself. So how do you go about it? You will discover in this article, the process to successfully buy back a common area of your building.

Proceed to the delimitation of the common area

In order not to make a mistake in your investigation, you should first of all know the exact location that you would like to take over. This will prevent you from getting confused. So take the time you need to define the location of your future possession. Also, don't forget to find out if said part is redeemable. Unfortunately, not all parts can be sold.

Make an estimate of the cost of the part concerned

Try to get an idea of the price of the part concerned. Take into account its length and its various other characteristics. This will enable you to plan a suitable budget so that you can achieve your goal well.

Submit your idea to the syndicate of co-ownership

In condominiums, all decisions are made by the condominium corporation. The latter will convene a general assembly which requires the presence of all the members of the co-ownership. The syndicate will then inform the whole assembly of your projection. A vote must then follow, which will determine the realization or not of your repurchase process. It is the vote of the majority that is taken into account in this case.

Finding out the exact cost of the common area

Once the assembly has validated your buyout, now seek to get a better idea of the true cost of the portion you are interested in and provide the necessary paperwork.

 

 

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