Declaration of Division

A declaration of division is a statement made by the owner to the land registry office declaring that the property (the real estate) is being divided into co-ownership shares. For example: In order to sell the apartments in a multi-family building individually, the property must first be divided. The declaration of division specifies the size, location, and amenities of the individual apartments as well as the common areas. The declaration of division includes, among other things, the rules of the homeowners’ association, which are binding on every homeowner and govern the rights and obligations of the individual owners as well as the organization of the homeowners’ association.