What is a condominium?
A condominium is a common area, where costs are shared between owners.
The best example is an apartment; There are separate units (the property that is individually owned “fracção autónoma”) and there are stairs, elevators, but also roof terraces, pillars, structure of the building, for example, that are common; Common in the sense that there will be maintenance costs (regular ones, such as cleaning) and extra repairs whose responsibility is shared.
In addition to the structural common areas, there can also be other common areas such as gardens, playgrounds, pools, etc. The more common areas, and amenities there are the higher the condominium is likely to cost.
Portugal has a very comprehensive civil law, that defines rights and obligations, management and organisation of the condominium.
Typically, a service company is elected to administrate the condominium. This service company will act upon the mandate and the instructions that the owners give to them, through annual general assembly meeting (AGM) where each owner has a vote and has the right to question matters of common interest, make proposals etc.
The matter is complex and we will continue to discuss it in future posts.
This BLOG does not intend to be an exhaustive explanation of the procedures; For more information send us an email HERE.