Horizontal property regimes in Nicaragua are a common form of shared ownership, in which several people share ownership of the same building or set of buildings. These regimes are regulated by the Horizontal Property Law and Internal Regulations, which establish the rights and responsibilities of the owners and the rules of coexistence that must be respected.
One of the most important aspects of horizontal property regimes are internal regulations, which are documents that establish the rules of coexistence that must be followed by the owners and occupants of real estate.
The importance of regulations lies in the fact that they are a fundamental tool to guarantee peaceful and orderly coexistence between the owners and occupants of the properties. The regulations set out the rules to be followed in common areas, such as walkways, stairs, gardens and swimming pools. They also establish the rules that must be followed inside private units, such as the use of parking areas, noise and cleanliness.
Regulations are also important because they set out the sanctions and disciplinary measures to be applied in case of non-compliance with the rules. These measures can include fines, suspension of certain services, or even termination of a lease. In addition, regulations can be used as evidence in case of conflicts between owners or with third parties.
Another important aspect of the internal regulations is that they allow the law to be adapted to the specific needs of each building or group of buildings. Each horizontal property is unique and has its own special needs and features. The regulations allow owners to establish specific rules for each horizontal property, according to their needs and characteristics.
In conclusion, internal regulations are a fundamental tool in horizontal property regimes in Nicaragua. These documents establish the rules of coexistence that must be followed by the owners and occupants of the properties and guarantee a peaceful and orderly coexistence. In addition, they let us adapting the law to the specific needs of each group of owners, which contributes to a more efficient and effective management.
Therefore, that the people or entity that constitute a property under this regime devote time and effort to crafting clear and effective regulations, and ensure that they are respected and applied fairly and equitably it is an all owners´ liability.