- The sale of a property in joint ownership: the principle of indivision
- The sale of real estate in joint ownership with or without agreement of all the co-owners
- The different types of sales of real estate in indivision
The co-owners may at any time make the decision to sell the property they hold in joint ownership. For this, unanimity is not always obligatory according to the cases, but the opinion is of all is systematically required.
Sale of real estate in indivision
The sale of a property in joint ownership: the principle of indivision
When a property is held in joint possession, it means that it hasis owned by two or more people. An undivided property may therefore be a property held by:
- Spouses after a wedding.
- Partners of a PACS.
- Rights holders following an inheritance.
- People who have benefited from a donation.
- Members of the same family who have acquired property in common.
Cases of property held in joint ownership are numerous but depending on the case, the number of shares held by each co-owner may vary. However, each co-owner is considered the owner of the property regardless of the share he holds and as such, each of them is entitled to decide on the fate of undivided property.
The sale of real estate in joint ownership with or without agreement of all the co-owners
All co-owners own the undivided property and in principle the sale of the property requires the agreement of all the co-owners. In this case, they decide together the price of the property and the distribution of the price. If one of the co-owners wishes to sell his share, he also has the right. He will have to propose the sale of his shares to the other co-owners or propose them to a third party if he informs his co-indivisaries by registered letter.
However, the undivided property may be sold without an amicable agreement, as long as the undivided owners wishing to sell represent at least 2/3 of the shares. They will have to do this by calling a notary who will indicate by bailiff a proposal for sale to the undivided co-owners. If the latter still do not accept the sale, the undivided owners wishing to sell will have to seize the Tribunal de Grande Instance which will authorize the sale which will take place at the auction.
The different types of sales of real estate in indivision
The sale of an undivided property can be done in different ways:
- Thee can be sold to a third party: the joint ownership will end and each co-owner will receive a percentage of the amount of the sale according to the shares he held.
- The property is sold to one or more ownersIn this case, the joint owners will receive the percentage of the amount of the sale due to them, and the undivided owners who have bought the property will remain in joint ownership. Their respective shares will be recalculated according to their respective contributions.
- The share of the co-owner is resold to a third partyIn this case, the third party who bought the shares will become an undivided co-owner in the same way as the undivided co-owners.