As a co-owner, you have the right to exit Real estate co-ownership at any time and for any reason. However, there are different ways to exit co-ownership, each with varying impacts and costs.
- Sale of the Co-owned Property: To end Real estate co-ownership, all co-owners must agree to sell the property. The proceeds from the sale are then divided among the co-owners based on their respective shares. Since 2009, it is also possible to sell the property with the approval of two-thirds of the rights, subject to acceptance by other co-owners or, if not, through legal proceedings.
- Sale of Shares: Selling your share to another co-owner allows you to exit co-ownership, but co-ownership persists for the others. If only one co-owner remains, they become the sole owner. If you sell to a third party, co-owners have a pre-emption right to buy your share.
- Amicable Division of Assets: If all co-owners agree, they can divide the co-owned assets among themselves according to their respective shares. This requires an evaluation of the assets by a professional, followed by the distribution of lots based on each person’s share.
- Judicial Division: In case of disagreement over sale or division, recourse to judicial division is possible. This involves costs, including lawyer fees and the intervention of an expert to evaluate the assets. The court appoints a notary to carry out the division, assigning lots by drawing lots. In case of objection, the court may order an auction, with funds distributed among the co-owners.