- This Act provides for the ownership of an individual apartment in a building and to make such apartment heritable and transferable property.
- By submitting to the provisions of this act, an association of apartment owners can frame by-laws and certain do’s and certain do not’s for all the apartment owners. It is mainly done for control and management of common areas and facilities. Any failure to comply with such by-laws shall attract a legal action to recover damages and for other relief’s whereas in common parlance (in absence of such apartment owners association) such proper legal forum doesn’t exist or is very complicated or is very time-consuming
- It provides for undivided interest of all the apartment owners in common areas and facilities. It provides that common areas and facilities shall remain undivided and no apartment owner can bring any action for partition or division of the same. It prohibits creation of any encumbrances in such facilities. The work relating to maintenance, repair and replacement, additions or improvements in common areas and facilities shall be done in accordance with the provisions of the act and by-laws.
- It makes each apartment in such a property a “separate unit for assessment” for municipal rates and taxes