Horizontal Property regime in Bolivia

In Bolivia this legal institution is regulated by the Horizontal Property Act of November 30, 1949, and also by section III of Chapter I of the Civil Code Bolivian current in articles 184 to 200.

You have to understand that the horizontal property is not a property in particular, but refers rather to a regime that regulates the way in which you divide a property and the relationship between the owners of private goods and common goods that have been the product of the segregation of land or of a building, which is done by means of an adjustment to the Horizontal Property Regime, the product of the fulfillment of a series of requirements, regulated by each municipality that is reflected at the end with a Resolution of directors or Resolution of Technical and Administrative, which approved the division of the land or building, to its subsequent notarization and registration in the Offices of Real Rights of the Municipality, which generates a real folio individualized for each dwelling unit or commercial and their outbuildings such as garages, parking lots, deposits or bauleras.

The horizontal property allows the organization of the co-owners, resource management – expense – for the conservation and enjoyment of the common parts, resources that, according to our legislation must be covered by each co-owner in proportion to the value of each property, maintenance costs are mandatory regardless, if each co – owner to use or not use his property as the common areas. About it it is necessary to also do this, that it is advisable in a building or property under the Horizontal Property regime it is to deal with the respective Legal personality to the Interior of the respective department, to be subjects of the law, to be able to open bank accounts on behalf of the association of co-owners, signing contracts, and specifically to collect judicially the common expenses, as the documents of the credit for the expense common in buildings affected to the horizontal property regime, are the titles, as it has in subsection 5 of Art. 379 of the Law 439 of November 19, 2013, regarding the new Code of Civil Procedure.

The Horizontal Property is a special property division that can be placed on houses, offices, commercial premises, parking lots, shopping centers, which divide a condominium, shopping center or building, and that attributed to the holder of such units a property right is absolute and exclusive about the same, and a right of co-ownership forced respect to goods of common domain. Along with private property, the law of horizontal property includes a percentage of ownership of the common elements of all the owners of flats in the building, condominium, or commercial center. Such elements are considered necessary for the proper use and enjoyment of private property and common, so that the share exists on them is completely inherent to the individual property, being inseparable from it, as we established above, in addition to being governed by subsection III of Article 188 of the Civil Code of Bolivia.

It should be noted that the horizontal property is a mixture of individual ownership and co-ownership, however it is not a company, not a company, nor is it a non-profit entity either. It is a Partnership that brings together all of the co-owners of a complex under the Horizontal Property regime, for the Management of the resources for the maintenance and conservation of the general property, and therefore the Individual Property, therefore it is a non-profit entity separate and unique.

Having already understood the essence of the Horizontal Property, in an informative manner and for the benefit of the public opinion, I have to either point out below, which are the necessary documents I need to review or require time to purchase a good or goods under the Horizontal Property Regime.

DOCUMENTS NECESSARY FOR THE PURCHASE OF AN APARTMENT IN CONDO

If you are considering the purchase of a department, this type of property is called the Horizontal Property, so out of the common requirements for a purchase of a common property, you must verify other documentation, below I detail all the documents minimum that you should check for this purchase:

1. Deed or Title to the Property where he built the Building, on behalf of the owner, with whom the transaction takes place;
2. Public deed of Adaptation to the Horizontal Property Regime (Building – Condominium) Enrolled in Rights in Rem;
3. Public deed of the Rules of procedure of the Horizontal Property (Building – Condominium);
4. The land registry of the Horizontal Property (Building – Condominium);
5. The land registry of the Horizontal Property (Building – Condominium);
6. Folios Real independent of the Department, Parking, and Storage;
7. Proof of payment of Municipal Taxes for the last Five Efforts, including the one that this collection;
8. Resolution Executive approves the construction of the Building;
9. Plans Approved by the Department, Parking, and Storage;
10. Approved plans of the lot where the Building was constructed.
11. Copy to the color of the Identity Cards of the Seller and Spouse if he is married.

1. Two photocopies color of their identity cards, with signature, to the environment and print of the right thumb on each photocopy; and
2. Two color photographs, size 3×3 with a red background of every buyer. It is important that all documentation previously indicated, is presented to a professional you trust, that you know of this type of properties (Attorney), for the verification of the same, and more importantly, to ensure that your investment is totally safe.