Flat Ownership

Flat ownership refers to a legal arrangement where an individual owns a specific apartment (or flat) within a larger building or complex, along with a share of common areas like hallways, gardens, and amenities. This ownership is typically governed by a legal document or leasehold agreement. The owner has exclusive rights to their apartment and a proportionate stake in shared spaces, which they contribute to maintaining and managing collectively with other owners through a homeowners' association or similar body. Essentially, it combines private ownership of a unit with shared responsibility for common parts of the property.