What rules and procedures should be taken into account when selling a plot of land for the purpose of joint ownership (for example, the sale of land between co-owners)?
What rules and procedures should be taken into account when selling a plot of land for the purpose of joint ownership (for example, the sale of land between co-owners)?
A co-owner of a plot of land, which is in joint partial ownership, has the right, both individually and jointly with other participants, to the allocation in kind of his share of joint ownership or to receive appropriate compensation for it. A person who requires the allocation of a plot of land for his ownership, use and disposal, that is, for private ownership, is allocated a part of the common land plot corresponding to the size of his share. In case of failure to reach an agreement between the co-owners regarding the allocation of the share, the dispute shall be resolved in court.
A participant in joint partial ownership has the right to alienate his share in a joint plot of land to other persons (by entering into contracts of sale, gift, lease, will, etc.).
A plot of land can be alienated both to other co-owners and to other persons. At the same time, other participants in joint partial ownership have a preferential right to purchase a share in the right of joint partial ownership of the land plot being sold.
The seller of a share in the right of joint partial ownership is obliged to notify the other co-owners in writing of his intention to sell his share, indicating the price and other conditions on which he sells it. If the other co-owners have refused to exercise the pre-emptive right of purchase or will not exercise this right within one month from the day they receive the notice, the seller has the right to sell his share to another person.
If several co-owners have expressed the desire to purchase a share in the right of joint partial ownership, the seller has the right to choose the buyer.
In the event of the sale of a share in the right of joint partial ownership in violation of the preferential right of purchase, the co-owner may bring a lawsuit to the court for the transfer of the buyer's rights and obligations to him. A one-year statute of limitations applies to such claims.