If The Entire Main Building Is Destroyed, The Condominium Ownership On The Main Real Estate Shall Automatically Terminate.
II – Destruction of the main structure:
Article 47 – If the entire main structure is ruined, the condominium ownership on the main real estate shall automatically cease.
If one of the independent sections of the main building is completely ruined and the owner of that section does not rebuild the section within two years, the other condominium owners or some of them may request the judge to transfer the land share belonging to that section to them in return for its value and in proportion to their land shares within one year starting from the completion of this period. In this case, the transferred land shares shall be marked in the (Declarations) section of the relevant pages of the condominium register; the transferees of the land shares are obliged to rebuild the dilapidated independent section within two years starting from the date of transfer, or within the same period of time, all condominium owners are obliged to recalculate the land shares attached to the independent sections according to the principles in paragraph 2 of Article 3 of this law and have them recorded in the condominium register.
If the above paragraph is not complied with, the condominium ownership on the main real estate shall be terminated automatically and the provisions of co-ownership shall be applied both on that real estate and on the insurance amount received for the dilapidated sections.
If more than one independent section is completely ruined and the reconstruction of one of them depends on the reconstruction of the other, the condominium owners whose independent sections are ruined are obliged to notify the other condominium owners in writing within six months starting from the date of ruin whether they will have them reconstructed or not. (AMENDED SENTENCE RGT: 28.11.2007 RG NO: 26714 LAW NO: 5711/20) (CODE 1) Those who do not notify shall be deemed to be unwilling to rebuild and their land shares shall be transferred first to those who wish to rebuild their sections in return for their value.
The condominium ownership on the demolished independent sections shall be automatically converted into a condominium easement during the periods written in this article and a temporary annotation shall be made in the declarations section of the condominium registry. When the independent section is constructed, the condominium ownership on it is reborn and the temporary annotation is deleted from the register.