With the daily development of economic relations between people, it is not uncommon for acquiring not only a separate property, but also its share.
What is meant by shared ownership?
Shared property is a movable or immovable property owned by several people, divided into specific shares of each of the owners. Such property imposes on its owner not only the right to receive certain income or profit in relation to its share, but also imposes obligations on him to repay expenses in relation to his share.
Shared ownership is usually expressed as a percentage or a fraction (for example: 1/5 share of a house).
Acquisition of real estate, which is shared property, at first glance does not differ from the sale of real estate, in which one owner, however, this is only at first glance. Normally, norms are fixed in connection with which the sale of shared property may be delayed or may not take place at all.
The norms of the civil code have enshrined the provision on the preemptive right to purchase a property being sold or replaced (houses, villas, garages, apartments, etc.). Such a right only takes place when a reimbursable transaction is made, if shared ownership is granted, the preemptive purchase rule does not apply.
If one of the shared owners intended to alienate his share of the property to an unauthorized person, then he must first notify the alleged transaction of the owners of this property, describing in detail the cost of the sale and its conditions. After that, the remaining interest holders can either acquire an alienable share or refuse such an acquisition.
If any of the equity holders expresses a desire to buy a share of the alienated property owned by the Seller, according to the conditions established by the Seller, the Seller has no right to refuse. In the process of acquisition, the ownership of such a shareholder will increase in relation to other co-owners.
If the buyer of the alienated share of the real estate is a co-owner, and not an outsider, then it is not required to notify other equity holders by law.
If the co-owner or co-owners refused to purchase the share offered by him, the transaction can be executed with the prospective buyer. However, in order to avoid possible future litigation or invalidation of the transaction, the Seller is obliged to correctly notify the co-owners by sending them a written notice.
Having received a written notice, the co-owner who does not intend to acquire the offered share is required to issue a written refusal of the preemptive right to purchase from a notary. Such a refusal must be made out before the transaction is made or directly upon its completion.
When registering a transaction in which the object is shared ownership, in addition to the waiver of the right to purchase, it is necessary to collect a standard list of documents: passports of all participants in the transaction; documents confirming the ownership of real estate (certificate of inheritance, contract of gift, privatization, annuity, sale, etc.); extract from the bureau of technical inventory for a part of real estate; if residential premises are for sale, then a certificate must be presented confirming the presence / absence of registered persons in real estate; all related consent (consent of spouse, family members, guardianship authorities).
If the object of the transaction is a part of the house with land, then you need to take care not only of the correctly executed documents for the part of the house, but also of the documents for the part of the land.