Share ownership and rules of its exclusion

With the daily development of economic relations between people are frequent cases of acquisition of not only individual property, but his share.

What is meant by shared property?

Fractional ownership — it is movable or immovable property owned by several people, divided into specific shares of each of the owners. Such a property confers on its owner not only the right to receive certain income or profit in relation to the existing shares, but also imposes on it obligations on repayment of costs with respect to their shares.

Fractional ownership is usually expressed as a percentage or proportion (example: 1/5 of the share of the house).

The Purchase of real estate, which is a shared property, at first glance no different from the sale of real estate, which has one owner, but this is only at first glance. Legislated rules, in respect of which the sale of shared ownership may be delayed or not occur at all.

Provisions of the civil code establishes the provision on the priority right of purchase or change sold listings (houses, cottages, garage apartments, etc.). This right takes place only when committing a transaction for consideration, if the equity property offered, the rule of preferential acquisition is not applicable.

If one of the part owners was going to alienate his share of property to another person, it is necessary initially to inform about the proposed transaction the co-owners of the property, details describing the value of the sale and its conditions. The remaining investors can either acquire the alienated share, or to abandon such acquisition.

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If any shareholders wish to buy belongs to the Seller share of the alienated property, according to the Seller the conditions to refuse the Seller has no right. In the process of acquiring fractional ownership of such shareholders will increase relative to the other joint owners.

In case the buyer disposed of the share of the estate is the owner and not by someone else, then notify the other shareholders are not required by law.

If the co-owner or co-owners refused to purchase the offered share, the transaction can be executed with a prospective purchaser. However, in order to avoid possible future litigation or the invalidation of a transaction, the Seller is obliged to properly inform the owners by sending them a written notice.

After Receiving written notice, the owner, do not intention to purchase the offered share, is obliged to issue a written waiver of pre-emptive right of purchase at the notary. Such a waiver must be issued prior to the transaction, either directly in such a transaction.

When you make a transaction, in which the object is fractional ownership, in addition to a waiver of the right of purchase is necessary to collect a standard list of documents: passports of all participants of the transaction; the documents confirming real estate ownership (certificate of inheritance, deed of gift, privatization, rent, sale, etc.); extract from the technical inventory Bureau on the part of the real property; if the sale of the premises, it is necessary to present a certificate confirming the presence/absence of registered persons in the immovable property; all related consent (spousal consent, family members, guardianship).

If the transaction is subject to the part of the house to the ground, we must not only take care of properly executed documents, but documents on the part of the land.