Is it possible for one of the owners of the property to sell their share?

Two or more people can simultaneously own the same property. This situation can arise in different circumstances, the most common being the division of an inheritance or the purchase of a property by couples who are not married or who are married under a separate property regime. But is it possible for one of the owners of the property to sell their half? We answer this question with legal grounds.

Joint ownership or co-ownership exists when two or more people simultaneously hold the right of ownership over the same thing, as explained in this article prepared for idealista/news, clarifying that the rights of co-owners over a common thing are qualitatively equal, although they may be quantitatively different. In other words, a property may have two owners, but they do not have to own equal percentages—one of them may own 66.66% of a property and the other only 33.33% of the same property, for example.

The co-owners jointly exercise all the rights that belong to the sole owner; distinctly, they share in the advantages – in the absence of agreement on the use of the common property, any of the co-owners is entitled to use it – and the costs of the property, in proportion to their shares – for example, Municipal Property Tax (IMI) is payable by all owners of the building.

That said, and unless otherwise agreed, none of the co-owners is obliged to remain in the situation of joint ownership/co-ownership. However, there may be disagreement between the heirs or between the members of the couple who have since separated regarding the sale price of the property or even its disposal.

Therefore, if the co-owners cannot reach an agreement, the party wishing to terminate the joint ownership may apply to the court, which, once the respective shares have been determined, will proceed with the division of the property or its auction or sale, with the respective value being distributed.

The prospect of having to go to court to regulate the use of a property or sell it makes the real estate market for “shares” in a property unattractive due to the depreciation of the asset caused by the uncertainty of the situation. That is why, in the vast majority of cases, it is in the interest of the co-owners to reach an agreement on the sale price of the entire property before putting it on the market.




Source: idealistanews