How to sell your share in an apartment and is it possible to do this?
Content
Property owners from time to time decide to sell their family apartments due to various life circumstances. Sometimes, the seller does not own the property being sold in full and wonders whether it is possible to sell a share in a privatized apartment.
It is better to resolve the issue quickly and professionally with the help of a real estate specialist or notary. After all, legislation and regulations governing such situations tend to be constantly innovating, which an ordinary citizen is sometimes unable to keep track of.
Procedure for selling shares
If a property owner wants to sell a share in a privatized apartment, then first we will determine what legislative acts regulate these relationships. First of all, let's figure out how to determine the share in a privatized apartment.
So, real estate that is owned by two or more owners is called shared property. It is possible to carry out any legal or notarial actions with these apartments only with the consent of all owners.
Shared ownership is sold in accordance with the civil code of the Russian Federation. The best option to sell a part occurs if all the other heirs have reached an agreement on how to sell the apartment, especially if it has been privatized in equal shares.
The implementation procedure is as follows:
- in a purchase and sale transaction, an agreement is drawn up on the previously reached conditions;
- the proceeds are divided between the participants according to the agreement.
There are cases when it is impossible to reach a compromise and the shared owner of the property has to sell his part unilaterally.
Legal schemes for selling shares
In order to sell our part of the real estate unilaterally and comply with all points of the law, we act in concert:
- First you need to determine the price of your property;
- further, invite other owners to purchase their square meters using a written notification (it is best to use a registered letter with a notification in order to avoid controversial situations in the future);
- If all participants refuse in writing, then the owner of the part receives the legal right to implement it.
Other co-owners, within a month from the date of their written notification, can agree to the seller’s terms and purchase square meters for themselves. After all, all co-owners have a priority right to buy out shares first.
It is much more difficult to sell a share in a privatized apartment without the consent of other owners. There are some tricks, namely the sale of a part by donation or using it as collateral.
The owner of the apartment has the right to donate his part to any third party at his discretion. In this case, a gift agreement is drawn up, which indicates a specific number of square meters.
The law provides for the payment of a tax in the amount of 13 percent of the assessed value of the donated property. But if you sell a share in a privatized apartment to a relative, then taxes will be avoided; the procedure itself takes place on a general basis.
If you use real estate as collateral, you should borrow funds from the second party to the transaction. As security for repayment, offer your square meters and record this fact in the loan agreement. When the money is not returned on time, the collateral legally becomes the property of the creditor.
In general, all of the above options, as well as the sale of a share of an apartment to the state or a third party, do not present any particular difficulties and have completely understandable sales schemes.
Sale through forced allocation of shares
The owner's categorical refusal to sell his part or the impossibility of allocating a share in kind forces the problem to be resolved by going to court. In such controversial cases, all the circumstances of the case are taken into account to best resolve the issue.
See also >> Share calculation calculator .
Cases when the court may decide to sell the owner’s share without his consent:
- some square meters are insignificant;
- the owner is not properly interested in the property;
- the owner's share cannot be allocated for actual use.
The law prohibits the sale of property until the owner fully agrees with the assessed value. The court decision is made after the settlement of all financial disputes.
Sale of a share if the child is a minor
One of the most difficult cases is the sale of a share of a privatized apartment with a minor. Before selling an apartment with shares of minors, you must obtain the consent of the guardianship and trusteeship authorities.
Read also >> How you can sell your apartment with a registered minor child
The child's share is sold only if he is allocated the same share in another apartment. This rule must be strictly observed, otherwise the purchase and sale agreement will be declared invalid.
In principle, no one has the right to dispose of children’s shares. Parents or guardians can only act as an interested party in the event of events that force the sale of the child's share.
They, just like the guardianship authorities, are obliged to monitor compliance with all legal norms, in particular, to defend the child’s right to receive housing conditions in the future that are no worse than the current ones.
Documents required for the transaction
Before the purchase and sale procedure itself, it would be useful to carefully prepare in terms of documents. After all, the list of required pieces of paper is quite large; before conducting a transaction, the notary is obliged to check the authenticity of each of them:
- documents identifying the seller and buyer;
- an agreement confirming ownership of the share of real estate being sold;
- certificate from the BTI;
- certificate of absence of utility debt;
- Bank account number.
After signing and registering the purchase and sale agreement, an act of acceptance and transfer of share should be drawn up, on the basis of which the actual transfer of ownership takes place. After the transaction, the new owner still has to register ownership with government authorities.
Real estate transactions deserve careful attention from both sellers and buyers. The tendency towards illegal activities in this area makes it necessary to deal with purchase and sale issues with caution.
Residents of the city of Moscow and the region need to be highly vigilant. Fraudsters who want to acquire expensive apartments in the capital never tire of coming up with new fraudulent combinations.
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