More than two owners for the same property and the Force Sale of Property
In this article we will discuss about the force sale of property and how it works in Cyprus.
Co-ownership, also known as joint ownership, refers to the shared ownership of a property by two or more people in equal or ideal portions, without specific boundaries or limits.
This arrangement can be established during property registration, based on the preferences of the grantor and grantee. In some cases, co-ownership can occur when individuals donate or purchase shares of the property, with the intention of dividing it later on. Another scenario where co-ownership may arise is during the management of an estate, where heirs desire to inherit the property in ideal shares.
The concept of co-ownership is an important issue that impacts society. When multiple individuals have a stake in the same property, conflicts between co-owners can arise. Therefore, it is essential to understand the legal implications of co-ownership.
What happens when I want to sell my share?
According to Article 25 of the Law, when one of the two or more owners of a property decides to sell their share, they must first publish their intention and inform the other co-owners of their intention, giving them the opportunity to purchase that share. If none of the remaining owners show interest within 60 days, then the sale of the share to a third party is allowed, transferring the share through the District Land Registry Office.
Another solution is to officially divide the property into independent units. For example, if there are two co-owners of a 1000 square meter plot of land, dividing it will result in two separate plots of 500 square meters each, and each owner will be able to sell their plot freely.
Nevertheless, the aforementioned scenario fails to provide a viable solution in instances where we encounter a domicile or a flat that cannot be partitioned into individualized portions for every proprietor. Hence, it would be neither tenable nor reasonable to vend, say, half of an ownership stake in an apartment to a purchaser, given their incapacity to segregate the flat proportionately.
Force Sale of the Property
So, when it is not possible to divide a property, then according to the Law, any co-owner of the property that is held indivisibly may request from the director a certificate stating that the division of the property is impossible. If the director of the Land Registry is satisfied that according to the provisions of the Law the division of the property is impossible, he will issue the certificate of indivisibility.
Then, a notification is sent along with a copy of the certificate to the other co-owners, informing them that within 30 days they must come to an agreement for settlement so that the property is owned by one person, otherwise the director may proceed with the sale of the property at an auction, and each co-owner will receive their corresponding share from the proceeds of the sale.
Contact us
If you are in the middle of such a situation, don’t worry, the lawyers at our office will take on the task of fighting for your property rights and securing the separation or possession of your share. Just contact us and we will start the process immediately.