How To Sell A Joint Property

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How To Sell A Joint Property
How To Sell A Joint Property
Video: How To Sell A Joint Property
Video: Indian Kanoon - Can you sell your share of a joint property - LawRato 2023, February
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Quite often, during privatization, an apartment is formalized as shared ownership between family members. Thus, each person protects his right to live in this dwelling. In a home sale situation, this form of ownership can cause serious difficulties. How should you sell an apartment that is jointly owned by several persons?

How to sell a joint property
How to sell a joint property

Necessary

  • - certificate of ownership;
  • - passports of all owners;
  • - the consent of the owners for the sale of housing.

Instructions

Step 1

Specify what form of ownership exists for your apartment - joint or shared. Joint ownership implies one certificate of ownership, indicating all persons who participated in the privatization. This form of ownership was characteristic of privatization in the nineties. Shared ownership provides for a separate certificate for each owner. The owners get the right to dispose of their shares, although in practice this is hardly feasible. The type of property depends on the features in the paperwork during the transaction.

Step 2

When preparing documents for the sale of an apartment, warn the realtor about the current situation. He will enter the necessary documents into the prepared contract and will be able to give you useful advice on how to proceed.

Step 3

If you have a joint ownership of an apartment, prepare a package of documents on your own or with a realtor - a certificate of ownership and one contract of sale indicating all owners.

Step 4

Before you sell your home, get consent from all the owners. If they are interested in selling too, you won't have a problem. They can either issue a power of attorney for you so that you represent their interests at the conclusion of the transaction, or they will also have to be present at the signing of the contract and other papers at the notary when the sale and purchase is made.

Step 5

If other owners do not want to sell the apartment, and you want to realize your share, you must first offer them to buy your share at the normal market price. It must be installed by a special appraisal organization. If they refused to buy out their share and at the same time do not want to agree to the sale, you can sue for the division of the apartment. If your claim is satisfied, the court will issue an order to sell the apartment and divide the money between the owners. However, if the owners are minors, incapacitated and this is their only home, the decision on the division will most likely not be made.

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