Sale of Property Shares - What Co-Owners Should Know.

When property is owned by multiple co-owners, any disposition of it becomes a complex communication. This is not just an inconvenience — it is legal restrictions. However, the law allows you to sell your share, although it requires compliance with certain conditions.

First of all, it is important to clarify what form of ownership is established for the apartment or house, emphasizes lawyer Yurii Babenko. If it is joint ownership (most often occurring between spouses), then none of the co-owners has a designated share. Therefore, it is impossible to sell part of the property on your own.

The only way to proceed with a sale in this case is to first divide the property. According to the expert, 'spouses can agree on shares independently, but it is better to formalize this in writing with notarization — otherwise, such a decision will have weak legal force.'

Partial Ownership of an Apartment Provides More Freedom

If the property is in partial ownership, the situation is simpler. The owner has the right to dispose of their share at their own discretion, but taking into account the preemptive rights of other co-owners. This is established by Article 362 of the Civil Code of Ukraine.

'The most common mistake is ignoring this requirement. As a result — legal wrangling and loss of Time', explains Babenko.

How to Inform Co-Owners About the Sale of Your Share

The law does not provide a strict form of notification, but lawyers advise acting in writing. The notification should include:

• the size of the share being sold;
• the desired price;
• the terms of the agreement.

The notification can be sent by mail with acknowledgment of receipt or delivered personally, documenting the transfer. In some cases, notaries fulfill this function, who will notarize the sale agreement.

How to Choose a Buyer When Multiple People Express Interest

The law allows the shareowner to independently choose a buyer among co-owners who have expressed a desire to purchase the property. If no one has shown interest, the share can be sold to any third party. In this case, the notary checks the observance of preemptive rights and certifies the agreement.

'The key thing is to document the compliance with the procedure. Otherwise, the agreement can be challenged in court', emphasizes Babenko.

What Happens if You Do Not Offer Your Share to Co-Owners

An attempt to circumvent the law and sell a share without notifying other owners can have serious consequences. Most often — this results in a lawsuit demanding to transfer the buyer's rights to one of the co-owners. Thus, the buyer will lose their share, and the seller will have to return the money.

From a formal point of view, the agreement is considered valid. However, the risk of court challenges is very high. In many cases, courts side with co-owners who were not given the opportunity to exercise their preemptive rights.

When selling a share of property that is in joint ownership, it is necessary to comply with legislative requirements and inform other co-owners of the intention to sell part of the property. Regular communication and official agreements will help avoid conflicts and lawsuits.