Common property – what is it?

First of all, in order for co-owners to know all their rights and responsibilities, it is necessary to objectively define what common ownership is . It should be noted that common ownership is property that belongs to two or more owners. It is important to emphasize that co-owners can be several natural or legal persons, the state, municipalities. The most common forms of common ownership are also emphasized - when several persons purchase property together, when property is inherited or received as a gift. Attention is drawn to the fact that a distinction is made between common partial ownership and common joint ownership.

Joint fractional ownership

It is important to know that in joint ownership, the shares of each owner's property are clearly defined. This means that joint ownership is managed, used and disposed of with the consent of all its participants. In the event of a disagreement, the procedure for management, use and disposal is determined by the court upon the filing of a claim by any of the co-owners.

Joint ownership

In joint ownership, the shares of each owner's property are not determined and strictly defined. It is important to know that joint ownership rights can only arise in cases established by law. One of the best examples is that the property of spouses is considered joint ownership.

Disagreements between co-owners – the main reasons

Why can co-owners disagree? It is worth noting that most often disagreements arise when property needs to be divided. For example, one house, two owners with different expectations. How to fairly divide common property? It should be noted that in the case of joint ownership, all issues of management, use and disposal of real estate depend on all co-owners. Therefore, it can be said that the rights of one co-owner are limited by another co-owner. Such restrictions, differing opinions of co-owners and different interests very often become the main cause of disagreements.

Rights of co-owners of real estate

In order to avoid possible disagreements, all co-owners must be well aware of their rights:

• The right to receive income. Each of the co-owners has the right to the income generated by the common property in proportion to his share. This means that if income is generated from the use, management, and disposal of the common property, each co-owner has the right to the income generated, but only to such a share of the income that is proportional to the property he owns, uses, and disposes of.
• The right to dispose of one's share. Each co-owner has the right to manage, use and dispose of his or her share of the property as an owner. It is important that if a part of the common property is sold to an outsider, the other participants in the right of common partial ownership have a priority to purchase the sold part at the price at which it is sold.
• The right to separate. Each co-owner has the right to demand separation from the common property. It is important to know that the legal status of the property changes upon separation – separate objects of ownership are formed, which are managed, used and disposed of under the right of individual ownership, and the right of common partial ownership ends.

Responsibilities of real estate co-owners

‍It is important to note that the duties of co-owners are no less significant than the rights:

• Financial liability . Each co-owner is liable to third parties for obligations related to the common property, and must also participate in the expenses incurred for its maintenance and preservation, taxes, fees and other payments.
• Liability to other co-owners . Each co-owner must notify the other participants in the common partial ownership right in writing of the intention to sell his share to an outside person and at the same time indicate the price and other conditions under which he is selling it.

What to do in case of disagreement between co-owners?

‍However, sometimes it happens that disagreements between co-owners are inevitable. Life happens, opinions, needs, plans diverge. Most often, when resolving disagreements related to shared property, it is recommended to contact professionals who can help find the best solution to the problem. You can also always consult with those who have experienced various situations.Real estate expertsand review the real estate services provided.