Coproperty (divided and undivided)
Divided coproperty includes private and common areas. The private areas belong to their respective owners including their own mortgages. The private areas can include the living space of the apartment, parking space and balcony. The common areas are shared by more than one owner and in most cases shared among all owners. Common areas can include the front yard and parking area. All the terms and conditions concerning the property are written in a notarized document called the Declaration of Co-ownership.
Undivided coproperty do not have private and common areas. All parties are in joint venture and assuming all responsibility including the mortgage. Instead of having a Declaration of Co-Ownership they often have an ownership agreement to protect everyone.