Equity and joint property
Common property is any property that belongs to several people on equal rights. It is of two types – equity and joint.Fractional ownership – property owned by multiple entities, which clearly and mathematically determines each member's share of ownership. In this case, refers to the share of ownership as an abstract expression, to facilitate the designation of the shares in reality. If the proportion of subjects cannot be determined by law and is not established with the agreement of the parties, they are considered equal.
Decisions regarding the share taken by the owners separately. Everyone has the right to dispose of his share as he should – he can sell, give as a gift, pledge, subject to mandatory compliance with the norms and rights of purchase of transfer of the property.
Joint property – property owned by multiple entities, but which are not defined share. Any decision on the ownership is made only when the common agreement. If the disposal of the joint property without complying with the necessary powers on the General agreement, it can be declared invalid at the suit of the other owners. Partition of such property is only possible after determined the proportion of each.
The pros and cons of shared and common ownership
If expensive property is in common ownership, it is easier to contain, as the responsibility of all owners, regardless of their desires. However, the content property will be easier if the property is in shared ownership – its contents can be carried out in proportion to the shares.
When buying property in unequal financial participation, common property can be disadvantageous because the responsibility belongs equally to all subjects. This can increase maintenance costs. When you share a property which is in shared ownership, it is necessary to conclude the contract of joint use. Everyone has the right to sell his share of property without the consent of the other owners. Section of common property or a partial sale is possible only in case, when they indicated the share of each. For registration of inheritance on common property also requires the designation of a share, subject to several heirs.
