Saeima attempts to address complex property problem

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Saeima on November 25 passed in its final reading the Law on Termination of Compulsorily Shared Property in Privatized Apartment Buildings, which will determine the procedure for creating a unified property when an apartment building with privatized apartments is located on land owned by another person.

56 deputies voted for the bill and 18 voted against it. The law will come into force on January 1, 2023.

The law will determine the option of terminating compulsorily shared property between apartment owners and the owner of the land on which the apartment building is located, giving the apartment owners the opportunity to buy the land plot from the landlord.

Apartment owners will be able to buy the land plot if the proposal is supported by all apartment owners. In turn, the municipality will have to decide what area of land is necessary for the functioning of the building.

Taking into account the decision of the local government, the State Land Service will determine the area of land to be bought by apartment owners, register the land plot with the national cadastral information system, as well as determine the price of the land plot. The price will be determined based on the land plot's cadastral value.

According to the law, apartment owners who decide to buy the land under a building will also be able to apply for state support.

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