The declaration of division is a written declaration from the property owner to the land registry that the property is divided into co-ownership shares which are linked to estate in severalty. With the declaration of division, the legality of ownership and joint ownership are founded. Which sections of the building are estate in severalty and which represent collective ownership, can be determined by the declaration of division. Furthermore, special usage rights (i.e. parking spaces) are listed. The declaration of division is a prerequisite for the creation of condominium books. Only after this, is it possible to charge co-ownership shares.
Repayment describes the routine payment of a loan by a borrower. This also includes interest payments. With higher repayment instalments, the duration of the loan is shortened. For long-term repayments, we say mortgage.
