What is HBC

Housing cooperatives created voluntarily, bringing together concerned citizens or legal persons through membership. This apartment is owned by the member of the cooperative in the event if he paid the share contribution in full. Up to this point the apartment is property of the cooperative. After payment of the unit member of the HBC receives a certificate of title in the HBC.

After payment of the full cost of the unit, the apartment is not becomes the property of the member of the cooperative automatically. In the past it was exactly the right of ownership has occurred since payment of the last unit. Today it is necessary to issue the state registration, even if the Pai had been paid up to the time when registration of title was imperative. Otherwise, the citizen simply will not be able to dispose of apartment at own discretion, they will not be able to sell it, make a legacy or deed. To obtain the certificate of registration of right of ownership must provide a certificate of paid share in the BTI (if the share paid before 1997) or the fed (if the share paid after 1997).

Rights with respect to cooperative apartments

There is a misconception that a cooperative apartment should be privatized. By definition, privatization is a form of ownership transformation of state or municipal private. As previously described, cooperative apartment is the property of the cooperative, not the state, respectively, and privatization in the apartment impossible to make. Another misconception that everyone living in a cooperative apartment citizens are its owners. Actually the owner is the only member of the cooperative, the rest are only entitled to stay in this apartment. Also a member of the cooperative is entitled to transfer the apartment to a family member, if that is under the age of 18 and if it is written in the Charter of HBC.

If your parents or relatives have co-op, better now to execute all documents for establishing the right of ownership. Otherwise, after the death of the native may have problems with this estate.