Japan’s laws about the condominiums are comprised of the private ones and public ones, both of which impose quite high transaction cost on the owners so that there are few renovations of decrepit and functionally obsolete condominium buildings even if many condominium owners hoped for it. First of all the law only allows the rebuilding of the condominium building on the same plot by the same owners even if the location does not fit it. It is irrational to prohibit the conversion of the land use to another which most efficiently fits the location. Second of all the sale of the plot is allowed only if the condominium building is structurally hazardous as in the case of the lack of earthquake safety without regard to the owners' sales need, however strong it would be, out of functional obsolescence or inconvenience. Third of all it is irrational not to allow the simultaneous sales of the condominium building and its plot to keep the building itself, with the dissolution of the joint ownership of its common facilities and plot. There would be many possible buyers in the hope of converting the building into the hotel, nursing home, and others if the whole building and the plot are in one ownership. In consideration of the effect of the efficient use of the stock of condominium buildings in such a way, we should allow the simultaneous sales of the condominium building and its plot. And finally, fourth of all, we should promote the recruitment of the experts of management to reduce the risk of moral hazards in condominium management.
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