Simplifying the law: Condominium Act
Amidst Guyana’s booming economy and boosted housing sector, the Condominium Act of 2022 makes provisions for the building of condominiums to provide a structured policy framework to guide ownership and management.
Deputy Solicitor General Debra Kumar, Attorney General’s Chambers, along with State Counsel Pierre Squires, on Saturday’s edition of ‘Simplifying the Law’, explored the tenets of the Condominium Act of 2022, which repeals the Condominium (Regulation and Miscellaneous Provisions) Act.
According to the act, a “condominium” refers to any building divided into units, with each unit being attached to, or dependent to a substantial degree on the other units forming the building for support, shelter or easements for passage, or for provision of water, sewerage, drainage, gas, electricity, garbage, artificially heated or cooled air and other services (including telephone).
The act provides for the vertical and horizontal subdivision of land and buildings into units for individual ownership, and the use and management of condominiums and matters connected to it.
“For example, if person A owned a plot of land, this new act would allow for an easier division of that property, if it is that person A is interested in turning that plot into a condominium scheme, it would allow for an easier division of that property for different owners to own different units within that property,” State Counsel Pierre Squires explained.
Part Two of the act addresses approval and registration of a condominium. It provides that, should a person wish to construct a condominium or convert any existing building into a condominium, that person must submit a proposed declaration and description for approval.
The previous piece of legislation did not allow homeowners to approach banks or other financial institutions with their Certificates of Sale, which should be treated as a Transport, to obtain loans and other services.
However, section nine of this act makes provisions for the owner of a condominium unit to be issued with a transport, which shall be registered in the Deeds Registry. It also provides for persons to be issued with Certificates of Title, which shall be registered in the Land Registry.
Section 53 of the act provides insight into how a person may go about purchasing a condominium. It is important to note that the act serves to simplify the process of homeownership for Guyanese.