Have you inherited a property in joint ownership (indivision) and are you wondering whether you can sell it and on what terms? BIV Immobilier, your go-to estate agency in Liège, sheds light on the question.
What is a property in joint ownership?
It is a property (house, flat, …) belonging to several people, who are known as “joint owners” (indivisaires). This is a common situation in inheritances. Each person then owns a share of the property proportional to their share of the inheritance. Generally, the shares are divided equally.
In principle, this situation is temporary, until the property is sold or one of the joint owners buys out the others’ shares.
Selling a property in joint ownership
This brings us to the original question of whether you can sell a property in joint ownership: the answer is yes, but here is some important information to bear in mind.
Agreement of all the owners
It is essential that all the owners agree to sell the property in question. A joint owner cannot sell the house or flat behind the others’ backs without consulting them first. If there is unanimous consent, they generally agree to share the proceeds of the sale according to their respective shares.
What if there is disagreement?
If no agreement can be reached, it is entirely possible to refer the matter to the justice of the peace, who can then order a public sale under the supervision of a notary.
Another option: buying out the shares
If one of the joint owners wishes to keep the property, they can come to an arrangement with the others to buy out their shares. In this case, it is advisable to have the property valued by an expert. A joint owner may also decide to sell their share to a third party, but the other joint owners then have a right of first refusal.
Amicable division
If the joint ownership covers several separate properties, the heirs can agree on an amicable division, in which each of them receives a property according to the value of their share.
Your go-to estate agency in Liège
Would you like to sell a property in joint ownership? Contact BIV Immobilier in Liège. We offer a free valuation and support you at every step for a hassle-free sale.
