Class Ownership System (Common Real Estate Statute) in accordance with the Iraqi Building Property Regulation Act No. 61 of 2000 (Comparative Study)

Abstract

Common Ownership System is considered the document aiming to provide a type of balance between the individual interests of the common owners and the collective interests of the common ownership. There are a lot of various definitions given to the Term (common ownership system) in jurisprudence; the most important one is the collective convention for the owners of apartments, floors and stores. They have to observe its requirements regardless of their participation in executing it or not.

Apartments or Floors' Owners' Federation may set a system or a regulation for managing the common parts and complying with its contents. Such regulation may be set by the owners themselves in case there is no federation for managing such common parts. Such system includes the approach adopted for managing the common parts and the scope of owners' obligations for maintaining, reserving, repairing and guarding the common parts and the scope of owners' rights to utilize such parts.    

In case of incorporating a federation including the owners, the following maters shall be determined: Calling the owners to hold a meeting, the manner of issuing the decisions and hot to declare them and how to execute them. Such system has effects regarding the floors' owners. Therefore, it is necessary to study and investigate such effects with stating their impact on other third parties. So, what is meant by floors' ownership? what is its legal nature?