The Immovable Property Law Chapter 224 is concerned with tenure matters, disposition, valuation, and registration of immovable property in Cyprus. This law can be a useful guide for solving co-ownership disputes. If a person owns a property or inherits a property that is co-owned with other individuals this may lead to disputes on the usage of the property, its sale, or division.
Significantly, the law provides for the forced separation of the land if one of the co-owners requests it. The co-owner can request the division of the land from the Land Registry with the effect of discontinuing the co-ownership and dividing the land to the co-owners, who can then separate their section of land.
A further method to terminate the co-ownership, is requesting a certificate of undistributed property from the Director of the Department of Lands and Surveying. This can be requested in cases where the land cannot be divided according to its square meters. If the co-owner obtains the undistributed property certificate then the property can be auctioned out at a public auction.
Another method used to opt out of the co-ownership, is the sale of a co-owner’s shares. Those can be sold to a third party after the other co-owners reject the option of purchasing the shares themselves. This provision allows the co-owner to sell but it also permits the other co-owners to purchase the shares themselves before those are sold to an unknown party.
The law provides different methods to separate the land depending on the different scenarios each co-owner faces. In some scenarios, like the sale of the shares, the law also aims to balance the rights of the seller and the remaining co-owners. Concluding, the law provides for methods of separation, although, each scenario requires different procedures to be followed.
At Christys & Co our construction, real estate, and conveyancing team represents clients ranging from international property companies to homeowners. Our team provides a high standard of service with in-depth expertise to deal with the most complex transactions or property issues. If you are considering opting out of your co-ownership our team can advise you on the steps you should take and cater to your specific needs. By using our in-depth knowledge of changing market conditions and our technical expertise we are dedicated to providing a practical and commercial approach to a wide range of property matters.
