The proindiviso, which is regulated in the Civil Code, is usually a frequent situation in divorces or inheritances at the time of the liquidation of property. This situation is likely to generate conflicts, so from Palmer Alma Mediterránea we want to review the keys and their solution.
The proindiviso, also known as pro indiviso, condominium, co-ownership or community of goods, is a legal concept related to the right of property over a good. When a person has the property right over said property only partially, sharing the property with other people, without any of them having absolute ownership
If we refer to real estate, the undivided property is not specified in an exact part of it, but in an abstract share, thus representing the percentage that belongs to each person in the property.
When we share ownership of the property with more people, even though the relationship between co-owners is apparently good, a wide variety of conflicts can arise.
In order not to have to manage the house through frequent agreements, there is the possibility of dissolving the undivided property and avoiding problems between co-owners.
There are several reasons that can generate the dissolution:
One procedure or another will be followed depending on whether the property is divisible or not.
As long as the common good can be divided without losing its value, the undivided property can be dissolved. In the case of no agreement between the co-owners, those interested in the dissolution may go to the judge so that he is the one who makes the partition.
If we partition an indivisible good, it will cease to be useful and will lose its value. In this case, the only way to dissolve the undivided property is the sale of the asset, that is, that it be acquired by a third party or that one of the co-owners buys its part from the rest.
As in the previous situation, in case of not reaching an agreement between the parties, it will be necessary to go to a judge who orders the judicial auction. The result would be the same as if the property were sold to a third party, with only one difference: At auctions, the sale price is usually much lower than that obtained by putting the property up for sale on the market. For this reason, it is important that an attempt is made to reach a prior agreement between all the co-owners.
Co-ownership is prone to conflicts, so the best option when managing a undivided property is to have the help of a real estate consultant.
Get in touch with Palmer Alma Mediterránea, a real estate consultant is waiting for you.****
Other posts of your interest
Is it a good time to sell my house?
One of the most frequently asked questions by clients who come to us in recent months. We have the answer.
Read our post
NUESTRA SELECCIÓN DE CASAS DE LUJO
Descubre nuestra selección de casas de lujo con sabor mediterráneo.
Read our post