DIVISION OF JOINTLY OWNED REAL ESTATE
The ownership rights over one real estate may belong to one or to several persons. When one property has more than one owner than the type of ownership is called co-ownership.
The main option for termination of such co-ownership is separation of the real estate. The main consequence of a division is that after such procedure the co-ownership is terminated and each of former co-owners receives individual property (or money equivalent relevant to the part of the property that belonged to him).
The main prerequisites for execution of a separation of the real estates are the following: the real estate or estates to be actually divisible and possibility of creating of the shares that would be equal to the part of each co-owner, i.e. the possibility for division of the existing real estate into new separate real estates according to the current legislation.
If the co-owners of a property want to separate it from one another but can not reach consensus, an arbitrator in the dispute is needed . Judicial split is the most unpleasant way because it is tough, slow and expensive.
The divestment can be done in all cases of joint ownership – hereditary property, the dissolution of a matrimonial property community acquired through a common commercial property, the liquidation of a common right to build or overbuilding and overbuilding.
Before proceeding with a court case, try to convince the co-owners to divide the property voluntarily. If they disagree, then you can take the necessary action as a last resort .
You can pursue a case yourself as you file for a partition. Judicial partition is binding on all co-owners, even if they do not want to. When they are brought, they have no choice.
Or offer them to redeem your share, and if they disagree, you offer a buyer who agrees or you go to court.
The lawyer reveals that it is common for co-owners to agree on a voluntary partition during the first phase of the partition.
With regard to court fees , each of the dividers pays them according to the value of the share received after the division. State fees are paid at the end of the partition.
If you settle and divide the property in the first phase of the division, the state fee will be 2% of the value of the share received. If the court carries out the division, the fee is 4% of the value of the dividend. The value is determined by the valuation of an expert , who is also remunerated, usually different, depends on the property value, but the court still determines his remuneration.
There are also other fees for filing the application , the court settlement or the court’s decision, depending on which option will be made. The fee for filing the claim is 0.1% of the value, in this case the tax assessment.
You and your co-owners will choose which one is best for you. Read more