Allocation of share in kind

As practice shows, situations where one house or other real estate object has several owners are quite common. If the relationship between the co-owners is difficult to call ideal, they conflict, the best option would be to allocate a share in kind. The lawyers of “PRIKHODKO & PARTNERS” will help you draw up all the necessary documents.

Allocation of a share in kind: peculiarities of terminology

Allocation of a share in kind involves the division of the real estate object into independent objects that will have their own entrance and auxiliary buildings/premises.

The category of joint property includes all property owned by two or more co-owners. Joint ownership can be both partial and joint.

• Partial ownership

Property of two or more persons. Each of the co-owners has a clearly defined ownership right.

• Shared ownership

The owners of real estate may be two or more persons. At the same time, the shares of each of them are not allocated.

Subjects of the right of joint ownership are legal entities and individuals, territorial communities, the state.

Important: when a share is allocated in kind, as a rule, the legal relationship of joint partial ownership is preserved. Their termination occurs only for the co-owner, whose share is allocated in kind.

How is the allocation of a share in kind carried out?

Allocation of a share in kind can be carried out on the basis of a peaceful (pre-trial) settlement or in court. At the same time, special requirements are put forward for real estate objects. They must meet the conditions stipulated by the current state building and other regulations.

But this is possible only in those cases when the co-owners have issued the right of use to the land plot where the house is located, or the right to ownership of the real estate object. If there are no documents, it is impossible to allocate a share in kind.

In addition, there must be a technical possibility to allocate a separate room to each of the co-owners, which will have its own entrance. If any of the above conditions are absent, the allocation of a share in kind is impossible.

Importantly:

In order to distribute a real estate object in court, it is necessary to apply to the court with a statement of claim. In addition, the claim must substantiate the technical possibility to allocate a share in kind. For this, the conclusion of a forensic construction and technical examination is most often required.

The allocation of a share in kind is regulated by Article 364 of the Civil Code of Ukraine. A co-owner can receive material or monetary compensation for the value of his share from other co-owners. We are talking about situations when the allocation of a share in kind is impossible or not allowed by law.

Separation of part of the property from joint ownership is regulated by Article 370 of the Civil Code of Ukraine. As a general rule, each of the co-owners has an equal share. As for unequal parts, they are established by law, agreement between co-owners or on the basis of a court decision.

The lawyers of “PRIKHODKO & PARTNERS” will help you to solve all problems related to the allocation of a share in kind. Sign up for a consultation! Leave a request in the form below to calculate the price of allocating a share in kind for real estate or a plot of land.