What is a real estate condominium?

The real estate condominium refers to the property of a property or of a right that belongs undivided to more than one person.

The condominium, in general, and the real estate condominium in particular is a concept that refers to the moment in which the ownership of an object, property, or right belongs undivided to more than one person.

On the other hand, there are communities of property regulated by special provisions, such as the community of pastures, the community of gains, or the hereditary community.

Extinction of joint venture or real estate condominium

If a property is in the hands of several people, none of these is obliged to continue the community or the condominium.

In this way, the person interested in abandoning it can begin the process of dividing the everyday object.

Here, you need the services of a company that can provide you with final pre-construction residential estimates timely.

In addition, the option is offered to the co-owners of reaching an undivided agreement for a specific term that does not exceed ten renewable years.

On the other hand, there is also the possibility of carrying out the joint venture's extinction without the approval of the rest.

If the co-owners or one cannot agree on anything, the legal proceedings for demise may begin.

When is the extinction of the real estate condominium carried out?

The co-owners have the right to proceed to the extinction of the real estate condominium as long as the community of property continues to exist.

Regarding the extinction of the joint venture case, the legislation dictates that there are two options for dividing the everyday object, depending on whether said object is indivisible or divisible.

In the case of farms or real estate, when the division is carried out, this can lead to economic losses of the home or simply its impossibility due to the specific causes of the real estate.

The material division of the object is carried out at the moment the thing is divisible, enabling the option of contributing a percentage to each co-owner.

The economic division is carried out at the moment in which the object is indivisible both legally and physically or is unusable for its intended use or because its value is diminished.

This division is carried out through the sale and distribution of the cost according to the share of ownership of each co-owner.

Economic division of the condominium of a property

When the material division of the property has been impossible, we will enter the financial division of the same, where we can find two options:

Co-owners agreement: If all the co-owners give their consent, the total amount of the property will be provided to only one co-owner, who will be in charge of collecting the cost corresponding to the rest of the co-owners depending on their fees.

Co-owners disagree: If they do not agree, they will sell the property at a public auction, and the price will be divided according to the quotas between the owners.

On the other hand, there is the possibility that an asset can be physically divided, but not legally.

This case is called legal indivisibility. It will occur when the division proceeds and the object become unusable in its intended use or when there is a considerable expense or a demerit.

Another case would be when a good is divided into the required percentages, the value of all the shares does not reach the total of the everyday object without splitting.

How is the joint ownership or condominium divided over a property?

To split the common object, there are three ways:

That the co-owners reach an agreement, for the agreement to occur, there must be unanimity among all, as well as a formalization of the deal through the dividing contract.

Contest of referees or friendly composers. These will be selected by the co-owners and will belong to the parties according to the rates belonging to each co-owner.

Process for dividing the common property

The co-owners have the opportunity to demand the division of the common object, the action of a division, or the dividend after getting final pre-construction residential estimates.

We should note that the right to demand the division of an object is not extinguished for not having requested it within a specific period. Still, since the origin of the community, such power is automatically granted permanently.

Through the division, in the division of the object ends to grant a co-owner the property of a percentage of the thing or, in case of being legally or physically indivisible, the proportional share of the price you would obtain at the point of sale will be offered.

This division procedure is a declaratory process that must go through the formalities of the oral trial depending on the amount.

A writ will need to be executed for the item to go up for public auction. This execution will have to be carried out following the regulations regarding the division of the inheritance.

Is the consideration mandatory in the extinction of real estate condominiums?

There is no need for financial consideration. In short, this consideration does not have to be money but can be offered in different ways.

Extinction of the community with a mortgage linked to the property

The most common case is where the property is connected to a mortgage loan. The financial institution is not affected by the fact that a co-owner grants his share to another co-owner.

In this case of extinction with a mortgage, it is advisable to agree with the bank before beginning the condominium extinction process.