Demolition Process of Risky Buildings

The demolition process begins with the finalization of the risky building assessment report, and the apartment owners are given a demolition period of no less than 60 days. Mortgages on the building to be demolished do not prevent demolition; mortgages will continue on the shares after the building is demolished.

The Provincial Directorates of Infrastructure and Urban Transformation check whether the building has been demolished within this timeframe. If it is determined that the building has not been demolished within the specified timeframe, the apartment owners are given an additional period of no less than 30 days to demolish the building. A notice stating that if the building is not demolished within this period, the administrative authorities will order the demolition.

If the apartment owners fail to complete the demolition within the additional timeframe, the building's evacuation and demolition costs will be covered by the transformation project account, and the demolition will be carried out or arranged by the local and local authorities.

If the at-risk building is still not demolished after this process, the Ministry will report the costs to the land registry offices and demolish it or have it demolished. Land registry offices shall specify the joint lien on the land shares of the beneficiaries and provide written information to the Ministry and the beneficiaries.

PROCESS AFTER DEMOLITION OF A RISKY BUILDING
The apartment owners' assembly must be convened after notification is made through a notary public by the manager, auditor, or one-third of the apartment owners. If the meeting invitation is not duly issued, there will be avenues for appeal, and due diligence should be exercised, given the potential for the process to be extended.

If a unanimous decision cannot be reached at the first meeting, the building's value will be assessed by licensed appraisal firms registered with the Capital Markets Board before the second meeting. This will be included in the second meeting invitation, which will be notified to the apartment owners. At the second meeting, an unanimous agreement will be sought. If unanimous agreement is not reached, the decision to proceed may be decided by a two-thirds majority of the owners, and this decision must be signed by all owners. The decision is notified to the unit owners who were not present at the meeting and did not participate in the decision through a notary public. The notification states that if they do not accept the decision within 15 days, their shares will be sold to other shareholders through public auction at a market value not less than that determined by the Ministry. If the sale fails, the Ministry will pay the share price and register it with the Treasury.