The maintaining of property owned jointly by dwellers will be regulated by a new condominium law whose draft was approved by the Cabinet, IPN reports.

The law envisions the creation of the Condominium Repair and Development Fund and the payment of a financial contribution by owners into this fund. The bill refers both to apartment owners and to owners of isolated rooms in multistory buildings.

The draft law defines the mechanism for registering the jointly owned property and its inclusion in the Register of Real Estate. In the case of new constructions, the condominium will be created immediately after the construction authorization is obtained and will be registered as future property. The buyers of apartments will automatically obtain a share in the jointly owned property and this will protect them from repeated sales of the housing sector property.

The jointly owned property will be managed directly by owners or by the Condominium Owners Association.

A condominium is a type of living space which is similar to an apartment but which is independently sellable and therefore regarded as real estate. It is where the condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned, including stairs, elevators, playgrounds, yards and parking places.