Property of joint tenants' property to be managed more efficiently in Moldova

Chisinau, 08 November /MOLDPRES/ – The maintenance of the housing stock and ownership of common property of the tenants will be regulated by a new condominium law. The document, approved today by Executive, provides for the creation of a more efficient environment for exploitation and maintenance of the housing stock, the government's communication and protocol department has reported.
Currently, the apartment owners do not have ownership of the land and common parts of the building, they do not want to arrange these spaces or cover the expenses for this purpose. The new bill is changing this approach.
Thus, the Condominium repair and development fund is mandatory, as well as the financial contribution of the owners to the establishment of it. The project concerns both apartment owners and owners of isolated rooms in multi-storey buildings.
It also provides for the mechanism for the allocation and registration of common ownership shares and for their registration in the Register of real estate (RBI). For new constructions, the condominium will be created immediately after obtaining the construction permit and registered as a future asset. The apartment buyers will automatically acquire a share in all the common property of the condominium. This right will protect them from repeated sales of property from the housing stock.
The project also sets out the terms under which the condominium must be established and registered. There are two ways to administer the common goods – either by the owners directly or by the Condominium Owners Association.
The condominium is the total of immovable property consisting of a land and one or more buildings belonging to more than one person and managed jointly. The common parts of the condominium are the land on which the building is located, corridors, stairs, lift, recreational space, playground for children, courtyards, gardens, and parking spaces.