Anyone who wants to sell a condominium as a co-owner faces a whole range of challenges. In principle, however, the undertaking is not impossible.
As a co-owner, you are not the sole owner of a house or apartment. Instead, you share the property with other co-owners in certain proportions. You can dispose of your own fractional share, which is referred to as ideal co-ownership shares. However, such a division is often not possible in reality. For example, if you own half an apartment, you cannot simply cut the property in half. This problem often leads to bureaucratic challenges when dealing with a property.
Nevertheless, it is possible to sell a condominium as a co-owner.
Whose consent is required for the sale of a condominium?
The community ordinance determines how special property is to be treated. For example, the owner of an apartment may only sell their separate property if another apartment owner or the administrator agrees. This is dealt with in Section 12 WEG. Even if consent can only be refused for a valid reason, notarized purchase agreements between a seller and a buyer are pendingly invalid as long as consent has not been received. If a co-owner wishes to sell their part of a condominium, they require the consent of the other co-owner(s).
What looks simple in theory proves to be a real challenge in practice. First of all, it is difficult to find a buyer who is willing to pay a fair price for a share in a condominium. In addition, the co-owner must agree with the buyer. Nevertheless, co-ownership shares can be sold if you enlist the help of experts in the process.
Can you sell half of an apartment?
Co-ownership is particularly common in inheritance cases. If the owners bequeath their apartment to two children, they are co-owners in equal shares (unless otherwise stated in the will). The two heirs own the condominium in equal shares. The co-owners are authorized to sell their share of the condominium.
It is not uncommon for disputes to arise between the heirs. The disputes can no longer be resolved, which is why one of the co-owners decides to sell their shares. In most cases, only much lower prices can be achieved because few people are prepared to accept the risk of co-ownership. From a legal point of view, however, it is perfectly possible for a co-owner to sell half of a condominium.
Can you sell the condominium alone as a co-owner?
As a co-owner, you can only freely dispose of your own shares. You are therefore not entitled to sell the entire apartment without further ado. However, it would be possible to convince the other parties to sell. If the entire property is sold, you can usually achieve much higher prices and find a buyer more quickly. Hardly anyone is prepared to join a co-owners’ association.
If the co-owners are spouses and the condominium is a major part of the marital property, then the consent of the spouse is required to dispose of the property in accordance with Section 1365 (1) BGB.
The declaration of division of the condominium will state whether the other co-owners have a right of first refusal in the event of a sale.
