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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The deposit is the amount you owe the seller if you dissolve the sale beyond the resolutive conditions and the legal cooling-off period.
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The closing date is the day when, as the buyer, you officially become the owner of the house. After signing the deed of transfer, this document is recorded in the land registry, and you are formally recognized as the owner.
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WOZ stands for wet Waardering Onroerende Zaken (Valuation of Immovable Property Act). The WOZ value is the value of a home as described by the municipality, and it forms the basis of municipal taxes and levies.
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