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applied if the maximum allowed duration of construction works is exceeded, i.e., 5 years or 8 years of construction works period, depending on the type of construction. C. Maintenance Costs An apartment owner is obliged, according to the existing joint property share included in his or her residential property and a respective decision of the community of apartment owners, cover the expenditures for the performance of the mandatory administration activities of the residential house, remuneration to the administrator, expenditures for the performance of other administration activities of the residential house which ensure improvement and development of the residential house, as well as monetary payments into the communities of apartment owners savings fund. D. Payments for Legal Rights of Use If the real estate is a divided estate (please see Section C. Divided estate , in paragraph IV), owner of the building (structure) is obliged to make compulsory payments for use of the part of the land plot functionally related to the building to the landowner. The amount of such fee is agreed between the parties, but if no agreement is reached, it is 4% of the cadastral value of the land per year, but not less than 50 EUR per year. An agreement between the owner of the building (structure) and the land for a different fee is not binding to the next owner of the divided estate.
ILN Real Estate Group – Buying and Selling Real Estate Series
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