Precise and simple in the use of Co-ownership Interest Calculation
The Condo Share-of-Ownership Interest Calculation Module in LICIEL provides users the ease of calculating shares for each element of a building that is part of a co-ownership.
What is the objective ?
To provide a more exact and fair distribution of co-ownership expenses
To help solve and avoid disputes among involved parties
Co-ownership refers to legal relations in which two or more entities have equal rights to the use of a property. Co-ownership sometimes results in a variety of problems regarding multiple issues. The law attempts to mitigate in numerous ways, including judicial oversight of ‘reasonableness’ or fiduciary duties; thus ending the co-ownership relation through the right of partition or providing rules that seek to optimize the joint decision-making process such as compulsory unitization. For this and more, it is extremely important that co-ownership associations utilize precise means to obtain exact shares of ownership
In the State of Florida, regulations dealing with co-ownership properties are found under Title XL(40) Real and Personal Property, Chapters 718 Condominiums, 719 Cooperatives, 720 Homeowner's Associations, and 721 Timeshares. These regulations are updated on a case by case basis. Further, this type of practice is known as Condominium and Planned Development Law. A variety of processes are handle through this field which includes community associations and planned developments. It is through these developments that Co-ownership Interest Calculations are first instituted.
If an association seeks to modify the manner in which its shares are attributed to, it is common practice that a minimum of two thirds (2/3) of its members agree to do so.
Which properties are of concern ?
All buildings inscribed as being under an association with common shared expenses.
A versatile and complete module
Benefit from a complete and professional software.
This application contains the tools necessary to consistently create detailed and official reports. Users can take advantage of various aspects of their report building and help to optimize their input by performing an inspection as follows:
Generalities: Designation of the building and the definition of the different parts, including general, common, special and privative areas among others.
Batch Management: List of batches before works, during the works, and the list of batches finalized after works, summary of division.
Share of ownership fees calculation.
Regulation: Bylaws as it relates to the description of the property and the pertaining calculation of fees.
Calculation Methods: Arithmetic or geometric mean, coefficient grid, summary.
Report Conclusion: Before finalizing the report, it is possible to add additional information and technical recommendations.
As indicated above, the share of the common parts is outlined in the share of ownership. The distribution of the share of ownership fees appears in a description of the divisions in the property, and are part of the association's By-laws.