Property in a broad sense is a system of changing relations between people in the process of production, distribution, exchange, which characterizes the appropriation of production assets or consumer goods. Ownership is the appropriation or acquisition of something in its power or ownership.
Shared and joint ownership
Common property is any property that belongs to several people on the same rights. It can be of two types - share and joint. Share ownership - property belonging to several subjects, where the share of each participant in the property is clearly and mathematically determined. In this case, we mean a share in a property right, as an abstract expression, to facilitate the designation of a share in reality. If the shares of the subjects cannot be determined by law and are not established by agreement of the participants, they are considered equal.
Decisions regarding the share are made by the owners separately. A person has the right to dispose of his share as he needs - he can sell, donate, mortgage, subject to the mandatory observance of the rules and rights to purchase the transfer of property.
Joint ownership - property owned by several entities, but in which shares are not defined. Any decision regarding ownership is made only with general agreement. If the disposal of joint property occurs without observing the necessary powers of common consent, then it may be invalidated at the suit of other owners. The division of such property is possible only after the share of each is determined.
Pros and cons of common and shared ownership
If expensive property is in common ownership, then it is easier to maintain it, since the responsibility rests with all owners, regardless of their desires. However, the maintenance of the property will be easier if the property is in shared ownership - its maintenance can be carried out in proportion to the shares.
When buying property with unequal financial participation, common ownership may be unprofitable, since responsibility is equally imposed on all entities. This can increase maintenance costs. When joint use of property in shared ownership, it is necessary to conclude a joint use agreement. Everyone has the right to sell his share of the property without the consent of other owners. The division of common property or partial sale is possible only if the shares of each are indicated. To register an inheritance for common property, it is also necessary to designate shares, subject to several heirs.
