How To Allocate A Share In Joint Ownership

Table of contents:

How To Allocate A Share In Joint Ownership
How To Allocate A Share In Joint Ownership
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The allocation of a share has a legal peculiarity. This happens when several owners have the right to jointly own the same property, and a common property arises. Usually this can happen when privatizing living space for all or some of the family members, when spouses buy a house, a land plot, if this property then goes into their common joint property, and in other similar situations.

How to allocate a share in joint ownership
How to allocate a share in joint ownership

Instructions

Step 1

Determine how many co-owners have the right to own, use and dispose of. This is an important fact, since when establishing the total number, the vote of each of them is necessary in the event of a situation of separating a share from common property. It is not necessary to go to court to allocate a share. With the consent of all owners, a certain share is redeemed by one person, and he becomes its full owner. If at least one of the co-owners does not give such consent, the case acquires a judicial character and is considered within the framework of a civil dispute between them for the allocation of a share.

Step 2

Offer the right of first option to the new owner when deciding on the allocation of a share. The owners are obliged to do this, otherwise the sale of the share to another person is not possible if there was a lease for a long term.

Step 3

Draw up your own documents for the allocation of a share from joint ownership, namely a cadastral passport, a plan of a house / apartment in the part belonging to the new owner, and a number of others. The main document confirming the withdrawal of a share from common property will be a sale and purchase agreement, as well as a certificate of state registration of rights to real estate, made in the name of the new owner of this share.

Step 4

Determine the circle of persons eligible for the allocation of a share from the common property with the option of redemption. The result of this process will be the share allocated from the common property in the hands of a smaller number of co-owners. The basis for the allocation of a share is the independent expression of the will of any of the co-owners. If the expression of will was made under duress, this issue is also assigned to consideration in the framework of the court session.

Step 5

Draw up a contract for the purchase and sale of the common ownership. The allocation of a share is already equivalent to its value on the market at the time of sale. Funds can be received by a co-owner only if the property to be divided is considered indivisible and becomes the property either as a property complex or as an indivisible thing by virtue of the civil law legislation of the federal level.

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