Law of Ownership Subdivision and Management of Real Estate Units

In this Law, the following terms and phrases shall have the meanings assigned thereto, unless the context requires otherwise: Law: Law of Ownership, Subdivision, and Management of Real Estate Units. Regulations: The implementing regulations of this Law. Authority: The Real Estate General Authority. Owner: A natural or legal person who owns one or more subdivided real estate units. Land: Real estate allocated for the construction of one or more buildings, along with its facilities and utilities, and for which the approved statutory procedures have been completed. Subdivision: A procedure whereby a real estate on which a building is constructed is divided into separate units for the disposition of each unit separately. Subdivided Real Estate Unit: A part of a jointly-owned real estate or a real estate complex which can be owned, utilized, or disposed of separately, including houses, duplexes, apartments, shops, garages, or any other part. Common Parts: Parts of a jointly-owned real estate or a real estate complex which are prepared for common use, or the nature of which requires joint ownership by the owners of the subdivided real estate units, including lands, entrances, corridors, parking lots, water tanks, conduits, utilities, swimming pools, gardens, yards, elevators, and the like. Jointly-owned Real Estate: A real estate which consists of subdivided units and common parts. Real Estate Complex: A group of single-purpose or multi-purpose jointly- owned properties located within a specific geographic area and connected through common parts. Owners Association: An entity established by the owners of a jointly-owned real estate, or their representatives, for the management of the affairs of such property, in accordance with the provisions of this Law and the Charter. Charter: The owners association’s charter. Budget: The owners association’s annual budget for the management of the jointly-owned property. General Assembly: The general assembly of the owners association. Manager: Any natural or legal person appointed to manage a jointly-owned real Law of Ownership, Subdivision, and Management of Real Estate Units estate or a real estate complex. Maintenance: The works necessary to preserve a jointly-owned real estate or a real estate complex in a manner that serves its purpose. Chapter 2: Real Estate Subdivision