Posted by: Carlos Tome & filed under Condominium.

Any co-owner can start the process of creating a condominium.
For this purpose it is necessary to require from the Land Registry the title deed of the whole Horizontal Property.

This document must describe:

– which parts of the building correspond to the individual fractions

– the relative value of each fraction in relation to the total value of the building, expressed as a percentage. This statement is very important for the calculation of the amount that each co-owner has to pay for the common expenses.

– the intended use for each fraction and common parts

This document may also include the Regulations of the Condominium, which define the various rules on the use and conservation of both the common and individual parts of the building.

After the election of the administrator of the condominium, there are several obligations that must be met:
– acquisition of a minute book, which is intended to maintain a detailed record of all the    decisions taken at an assembly´s meeting

– acquisition of a cash book, where receipts and payments of money are recorded

– acquisition of a receipt book, to receipt payments of the condominium fees made by co- owners.

– request a Legal Person Identification Number for the condominium, at the National Registry of Corporate Bodies (Registo Nacional de Pessoas Colectivas).

The election of the administrator of the condominium should proceed at the first assembly´s meeting, and if there are more than four co-owners present, the Regulations of the Condominium must also be presented, discussed and approved.

Finally, income and expenses related to the ongoing management of the condominium, should also be discussed and approved for the current year.

This post is also available in: Português Deutsch Français