A notary prepares a division deed to divide a building into several apartment rights. This deed states which apartment rights there are and where they are situated. Each separate dwelling in the building then falls under an apartment right.
Division deed and the VvE
An owners' association (VvE) is also established in the deed of division, and the VvE's regulations are established. What must be included in the deed of division is laid down by law (Article 5:111 of the Civil Code). For example, it must contain a description of the building, name the apartments and determine each owner's share.
The regulations of the demerger deed
Furthermore, the division deed contains regulations describing which parts of the building are common and which are for private use. The regulations are usually based on one of the model regulations prepared by professional groups of notaries. The regulations also describe the rights and obligations of the apartment owners.
Subdivision drawing of the subdivision deed
Reference is often made to a division drawing, which provides a visual representation of the division of the building into apartment rights. If there is a contradiction between the drawing and the division deed, the court must determine which takes precedence.
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An essential aspect of buying an apartment is the "association of owners (VvE). This is an association that manages the building in which the apartment is located. Knowing how the VvE functions before buying an apartment is essential because it can affect your home and financial situation.
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A mortgage is a loan you take to buy a house or property. You pay monthly interest and repayments to the lender. As a result, you gradually build up property ownership, and the mortgage is slowly paid off.
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