45. LEGAL REGULATION OF COMMON AND SHARED PROPERTY

Common property - belonging of the same property to several persons (co-owners) at the same time.

Common property object - an individually defined thing (house), a set of things (hereditary mass) or a property complex (enterprise). The right of common ownership arises on indivisible things, as well as on property that cannot be divided by virtue of the law (many securities are an example). Divisible things may also be common property, if it is provided for by law or by agreement.

Types of common property:

1) equity - common property, in which each co-owner owns a certain share;

2) joint - common property, in which the shares of its co-owners are not determined in advance, but can be allocated during its division.

Common property is shared, unless otherwise provided by law. Thus, the law establishes joint ownership of the common property of spouses, as well as members of a peasant (farm) economy. The transfer of property from the regime of joint ownership to the regime of shared ownership is allowed at the discretion of the co-owners, and vice versa - only in cases provided for by law.

Legal nature of the share in common property: the participant owns a share in the right to common property, and not a share of the property (real share) or a share in the value of the property (ideal share).

Features of legal regulation of shared ownership:

▪ shares of co-owners are considered equal, unless otherwise provided by law;

▪ when deciding on the exercise of the rights of owners, each co-owner has one vote;

▪ the rights of co-owners must be exercised by mutual consent of all co-owners;

▪ disagreements between co-owners regarding the exercise of their rights as an owner are resolved by the court;

▪ each co-owner disposes of his share of the common property at his own discretion, but in case of alienation, he must offer his share first to his co-owner (this is called the right of first refusal) and only after his refusal can he sell his share to another person;

▪ the purchase offer to your co-owner must be made in writing, the deadline for responding to the purchase offer is defined: 10 days (for movable property) and 30 days (for real estate);

▪ in case of violation of the right of first refusal, any co-owner of shared ownership within three months has the right to demand in an official manner the transfer of the rights of the buyer to himself;

▪ assignment of the pre-emptive right to purchase a share is not allowed;

▪ a co-owner of shared ownership has the right to demand the allocation of his share from the common shared property in kind, and if this is not possible, monetary compensation for his share;

▪ fruits, products and income from the use of property that is in shared ownership are included in the common property and are distributed among the owners in proportion to their shares;

▪ each co-owner is obliged to bear expenses in proportion to his share of the property.

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