Easier for property owned by more than one owner to be sold by majority decision
A recent amendment to the Civil Code has come into effect as of last Friday (1st April 2016) and which now allows the majority of owners in a shared property to be able to decide to sell the property by requesting the Courts to approve a proposed sale.
The aim behind this legislative change is to reduce the number of vacant, derelict and unused property by facilitating sales even when there is disagreement between owners.
Through these amendments, the time period after which a sale can go through by a decision of the majority has gone down from 10 years to three.
The period of three years will apply with immediate effect. In other words, owners of properties which have been in this situation from 1st April 2013 or before, may benefit from this new law.
For further information and the details of this change in the legislation, one is to refer to a Notary Public.
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