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WAYS OF MODERNISING THE DIVIDED USE OF CO-OWNED REAL ESTATE
Abstract
Co-ownership represents an encumbrance of the entire property. Encumbrances take the form of the mandatory approval of any action involving a co-owned item to be obtained by every co-owner of real estate from other co-owners, thereby restricting the exercise of a co-owners property right. It should be stressed that property is an absolute right in rem, one of the fundamental rights of every individual; therefore, any restriction must be soft to the maximum extent practicable, granting the owner the widest possible margin of discretion. The divided use of a co-owned property is a way of minimising the restrictive nature of co-ownership. This article analyses the divided use of a co-owned property, including issues associated with the legal nature of agreements on the divided use of a co-owned property and legal aspects of public registration, as well as rights of co-owners arising out of the divided use of a co-owned property.
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