Party Wall

Posted in Finance, Accounting and Economics Terms, Total Reads: 233
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Definition: Party Wall

Two adjacent properties in real estate and joined to each other are separated by a wall which is called Party Wall. Party wall is created to separate two properties having two different owners. It is commonly found in apartments and condominium in which two tenants share a common property.


Sometimes additional insulation is provided to Party Wall so that sound from one property to another property does not travel. Some Party Walls are also constructed as fire walls in which non-combustible material is added during the construction of Party Wall so that if one property catches fire, it will not harm adjoining property.


Two owners of such property agree to a contract which is called Party Wall agreement. Under this agreement there are set of rules that both the owners need to follow. For example, if one owner wants to construct something involving the Party Wall, then owner first needs to notify to the neighbour (the adjoining owner) and asks for permission. In case of disagreement, the adjoining owner may appoint an architect or surveyor to look after his/her interests. The advisor may also be appointed. But charges for the appointed advisor will be paid by the owner who wants to make changes.

 

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