How To Give Up Shared Ownership

Table of contents:

How To Give Up Shared Ownership
How To Give Up Shared Ownership

Video: How To Give Up Shared Ownership

Video: How To Give Up Shared Ownership
Video: Is Shared Ownership Worth It? (The TRUTH) 2024, May
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In some cases, it is more convenient to register ownership not for several, but for one family member. To do this, other owners must give up their rights in accordance with the regulations provided for by Russian law.

How to give up shared ownership
How to give up shared ownership

Instructions

Step 1

If a share in the property is already registered to you, transfer it using a donation agreement. It is best to write it in collaboration with a qualified lawyer. Then the document is pathetically certified by a notary. When registering such transactions related to real estate, the contract will need to be registered with Rosreestr at the place of residence. Please note that when donating property to persons not related to the immediate family, they will be obliged to pay 13% of the value of the property against income tax.

Step 2

When privatizing municipal housing, write a refusal to participate in the ownership registration process. Such a document should be drawn up with a notary. With it, you will have to indicate in whose favor you give up ownership of a share in an apartment or house. This person must be registered in this dwelling. If you refuse to privatize, you, however, retain the right to use the property and register in it. Only a court can deprive you of these rights. You can also use your privatization right, for example, when registering another apartment in the ownership.

Step 3

If you have been bequeathed to a share of any property or it is due to you by law after the death of your next of kin, do not apply to open an inheritance business. If you do not take any steps to formalize the inheritance within six months, you will not be required to further disclaim your rights. The property will be transferred to the next successor.

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