A piece of happiness from someone else's pie is not such a bad acquisition. Especially when it comes to real estate. There are often cases when, as a result of the division of jointly acquired property or by will, the owner is left with only part of a full-fledged residential unit. How can you profitably get rid of such a gift of fate if you don’t really need it? First of all, read our new material and contact THE Capital experts for help. Actually, that's all you need to do.
Joint and shared property: how the indivisible is divided
Owning a property jointly does not always mean you have rights to equal half. And the conditions written down on paper do not give an idea of which rooms and which side of the kitchen are for you. It is difficult to divide the indivisible, so before selling abstract square meters, you need to find them and understand where yours begins own and ends with someone else's.
Community Tenancy is a type of ownership in which the entire piece of real estate is owned equally by several people. In this case, there is no division of the apartment or house into specific parts. This type implies that you can carry out all possible operations with your part only with the consent of the co-owners. A striking example in this case is the jointly acquired property of a married couple.
To sell part of the apartment, which is in common joint ownership, you will still have to tinker with its division in practice. We are talking about allocating a share in kind. To do this, the spouses will need to conclude a written agreement with its subsequent certification by a notary. If the desired result cannot be achieved peacefully, there is only one way out - court.
Joint shared ownership is a type of ownership in which you no longer own abstract square meters, but a specific share of the object. This can be either an equal half or a larger or smaller part of it.
This type of ownership occurs when you:
- purchased real estate together with members of their family, dividing the costs among themselves;
- made a division of jointly acquired property after a divorce;
- inherited an apartment or house together with someone.
Having full power over your share, you can dispose of it much more freely than in the previous case. But, as often happens in the real estate market, there are some nuances...
How to sell your part of the apartment?
Having a certain share of real estate, you can sell it at will. Our expert notes that first of all, it is worth offering to buy out your part to the co-owner. Firstly, this is not without logic because in this way he will collect all the pieces of the “immovable puzzle” and become the rightful owner of the object. Secondly, such a requirement is provided for in 362 article Civil Code of Ukraine - a co-owner has a greater right to purchase a share of real estate than anyone else.
If you want to sell your part of the apartment, you should follow the following algorithm:
- send the co-owner a written notification of your intentions;
- give him 1 month to think about it;
- if there is no reaction or if he refuses to buy your part, you can proceed to the next stage;
- Feel free to put your property up for sale with the help of a real estate agency THE Capital.
Having only a certain share, you can sell it exclusively. We advise you to discuss plans with the other co-owners in advance. You may be able to reach a consensus and sell an apartment entirely, which is much more attractive to a potential buyer. If at least one of the co-owners does not want to make concessions, the deal will not take place. But there are some nuances here too.
☝️ If a particularly stubborn co-owner owns too little of the apartment, you can contact a housing law lawyer. With its help, you will form a claim and file a lawsuit. As a rule, such problems are solved very quickly and simply.
What rules apply when selling part of a house?
Often several families live in a house. For greater convenience, they divide the entire space into several households, each of which has a separate entrance and its own communications. In fact, homeownership can be called a self-sufficient residential unit, like an apartment. In general, little changes regarding the sale of part of the house itself, so in this situation it is not so much about it that you need to worry about, but about section. The land plot was originally designed for an entire mansion, so its fate does not change in any way depending on the number of owners. Of course, there may be a conditional division of the yard by agreement, but this is not enough for sale. To ensure everything is completed properly, you will have to take several steps:
- privatize land with your own household;
- draw up all documents for the share of the house and land;
- if you wish, you can assign a separate number to your part of the building;
- installing a fence to delimit the territory will also not be superfluous, although it is not mandatory;
- start implementing the last point from the previous section.
Happy selling and see you again!
