Setting Up a Horizontal Property (Condominium)
A building is considered Horizontal Property when it is divided into autonomous units, namely apartments or floors and garages, provided they are individually registered and have their own exit to a common building area or to the street. Therefore, a mere garage parking spot, the type that is marked out on the floor with painted lines, is not an autonomous unit, although its use may be reserved for a specific autonomous unit.
What are the advantages of Horizontal Property?
Transforming a single property into a horizontal property makes it possible to divide the building into autonomous units, with the following immediate advantages:
- Lower municipal property tax (IMI) (the larger the combined unit, the higher the tax rate on the property value);
- Freedom to sell or rent that unit at any time.
Setting Up a Horizontal Property:
Property owners must first obtain information at the respective town council and request a declaration proving that the unit can be transformed into a horizontal property (autonomous) and that it meets all legal requirements.
Services provided by Konceptness for setting up a Horizontal Property:
- We check whether the property fulfils the valid prerequisites at the respective town council;
- We advise on whether it is necessary and easy to make the necessary physical alterations to the building, when such is necessary to fulfil legal requirements;
- We handle the procedure at the entity;
- We obtain all documentation at the entity to perform the registration at the Institute of Registration and Notary Affairs.
