What is the Meaning of Horizontal property | Definition and What is Horizontal property
The concept of property is used to refer to the right or the power of owning something. In the legal framework, the property is the direct power that a person has on a property and allowing it to dispose of this object freely, within the limits imposed by law.
Horizontal, the other hand, refers to what is parallel to the horizon or relative to him. The term is used in contrast to what is vertical, that is the line or the plane perpendicular to the horizon line.
Horizontal property means the right exercised on one or more residences, buildings or buildings that were acquired by various owners separately but have certain rights and obligations in common.
The property (or condo) horizontal is, therefore, the judicial institution linked to the division and the properties resulting from the segregation of a common construction organization. This property governs the way in which the building is divided and its relationship with other private property and outbuildings from the building.
In a building, there are therefore different owners. Each of the owners has one or several apartments but nobody owns the building in its entirety. All of these individual properties is added to the common property of spaces such as the lobby, hallways, elevators, etc.
The law of horizontal property assumes that the owner of an apartment has a percentage of ownership (property) on the common spaces. This percentage is inherent in the ownership of the apartment and inseparable from it.