PROPORTION – WHAT IS IT?

The property for sale does not constitute full ownership, only a part, or a proportion of it.

The sale of a proportion occurs when two or more people are simultaneously owners of the same property, but only one intends to sell their share, in a private process or when only one of the parties is insolvent.

The seller may only own a portion of the property for various reasons, but the most common are the division of an inheritance or the purchase of a property by couples who are not married or are married under a separation of property regime.

Common ownership or co-ownership exists when two or more people are simultaneously holders of the property right over the same asset.

Do all co-owners have the same percentage/share of the property?

A property can have two (or more) owners, but they do not have to own equal percentages. One might own 66.66% (or 2/3 fraction) of a property, while the other owns only 33.33% (or 1/3 fraction) of the same property, for example.

What are the rights of co-owners?

Co-owners jointly exercise all the same rights as a sole owner. Additionally, any of the co-owners may use the property.

What are the duties of co-owners?

Similar to the rights, co-owners have the same duties as a sole owner would, such as paying the Municipal Property Tax (IMI) in proportion to their share.