What is shared real estate, how to buy and sell ?

How to Buy and Sell Shared Real Estate?

Shared ownership: In this type of shared deed, it is clear how many shares each shareholder has on the real estate.
Co-ownership: The share of shareholders acquiring real estate through inheritance is sometimes not clear. Persons who want to sell shared real estate should convert their joint ownership to shared ownership. According to Article 644 of the Civil Code numbered 4721, an application can be made to the Civil Court of Peace for the conversion of joint ownership to joint ownership. The magistrate calls the heirs to report their objections. If there is no heir objecting, the real estate in question is converted into shared ownership.

There are some differences that distinguish shared real estate from detached real estate. It is not clear who owns which part of the real estate in shared real estates. All shareholders are partners in all parts of the real estate. Therefore, you do not have the right to use even a portion of the property unless you come to a common agreement with all the shareholders.

You can also sell or mortgage your shares to someone else, but you must obtain the consent of all shareholders to intervene in all or part of the property.

Shared title deeds include the names of more than one person, but it is not specified who owns which shares. For this reason, the agreement of the owner of the real estate and the buyer is not sufficient to realize the purchase and sale of the share real estate. Savings such as leasing or building on real estate cannot be realized without the consent of all shareholders.

The persons who are entitled to the share title deed must reach a common opinion. For this reason, there are different sales options depending on the demands of the shareholders who will sell the real estate:

All shares of the property can be sold together. Shareholders must make a joint decision on the sale of the immovable and must be present in the sale deed. Deed transfer can also be carried out by giving a power of attorney to a lawyer representing all shareholders. However, if any of the shareholders does not want to sell the immovable, they have the right to file a lawsuit.

There is a different path to be followed in case of selling one or more of the shares rather than the whole of the bill. The person or persons who will sell their shares must first notify the other shareholders that they will sell their shares through a notary public. The primary right to purchase the shares belongs to the other shareholders. Shareholders can buy real estate shares at any time over the sale price stated in the title deed. When the people who own shares on the real estate do not want to buy it, the said share can be sold to other people. If one of the shareholders makes the sale without notification, the other shareholders may file a pre-purchase lawsuit.

It is also possible to divide the shared real estate among the stakeholders and turn it into personal property. One of the shareholders can make this request by filing a lawsuit for the dissolution of the partnership.