How to avoid co-ownership in real estate

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Advice for avoiding indivisible co-ownership, ie co-ownership, is given by the Department of Lands and Surveys with its prospectus.

In particular, the Land Registry notes that co-ownership can arise, inter alia, through the voluntary purchase of a property by two or more persons in shares, as well as by inheritance, in which case the real estate of the deceased falls to the heirs in indivisible ideal shares. .

Noting that co-ownership can be smooth in case the co-owners have a good relationship with each other, noting that in many cases it creates serious problems.

According to the announcement, the exploitation of real estate shares often becomes unprofitable, the possibilities of development/development of real estate are minimized, frictions are created between the co-owners, due to disagreement regarding the way of exploiting the shares and/or distribution/separation of the real estate and time-consuming and laborious exit procedures are needed.

“The above problems”, adds the Land Registry, “are even more, in case there is a large number of co-owners, which, especially in properties owned due to inheritance, increases over time. Unfortunately, the parents consider that they inherit their children in equal parts of their property, so that no one is wronged. & Nbsp; However, children struggle in the future to separate it, a process that can be time consuming, creates disputes between them and is not always smooth. “

Furthermore, the Land Registry notes that the Real Estate (Occupation, Registration and Evaluation) Law, Chapter 224, includes provisions for the restriction of co-ownership, such as amicable settlement/distribution.

With this procedure the real estate consisting of one or more properties which belong to two or more co-owners can, under certain conditions, be distributed/separated (provided that the minimum allowed areas are not violated) with the agreement of all co-owners. “This process is undoubtedly the most appropriate. It usually clashes with the disagreement of at least one co-owner “, the Land Registry explains.

The provisions of the law include the Forced Separation/Distribution: When the co-owners do not agree to an amicable separation/distribution, then even one co-owner has the right to request from the Director of the TCC, under certain conditions, the forced separation/distribution of the real estate is held in shares, with the aim of abolishing co-ownership, as well as & nbsp; & nbsp; & nbsp; Division into half plots, based on which the co-owner has the right to request, under certain conditions, the vertical separation of a plot he owns with another person.

Also, the Right of Choice is provided, where the co-owner of real estate may agree to sell and transfer the share to any person. In case the share is sold to a third party (non-co-owner), the transfer of his share is not registered in the name of the buyer, before the registered co-owners are given the right to acquire it themselves at the agreed price.

“From the above it is understood that the way out of co-ownership is often difficult and creates conflicts and disputes between the co-owners”, it is reported.

to their children in a timely manner and prefer the transfer of entire shares to each child. He adds that the cadastral legislation always provides the possibility, when transferring your real estate, to keep in your name, for life, the rights of housing and usufruct, in whatever of your real estate you wish.

< p>It also encourages the acquisition of entire shares. “Avoid buying shares of a real estate with third parties,” he says, adding that this advice does not apply to spouses and in cases where you are sure that co-ownership will help you in cooperative economic activity, or for other special cases. >

In the case of persons trapped in co-ownership, the Land Registry urges the study of the legislation or the advice of experts, “in order to use the provisions mentioned above to get out of the indivisible co-ownership”.

< He adds that if "a person whose heirs or trustees die, then act immediately to distribute the property in the names of the heirs, after an agreement has been made between you, in order to distribute the property in full shares, where possible" .

More information at http://portal.dls.moi.gov.cy

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Source: www.philenews.com

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