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Joint ownership

What is joint ownership?

A joint ownership is a form of shared property in which two or more persons jointly own a property or a set of property, without dividing it into specific portions..

In this type of community, each co-owner has an undivided share of the property, which means that they are not assigned a specific part of the property, but rather share ownership in its entirety.

It is essential to understand that, in a community property, each co-owner has rights and responsibilities over the whole property, and not over a certain part of it. In addition, the co-owners have the right to use and enjoy the shared property, as long as they respect the rights of those who also have this condition. In addition, no co-owner can use or dispose of the common good without the consent of the other co-owners.

One of the most common examples of community property is that of horizontal property (for which there is even a specific law, the Horizontal Property Law), which is basically the ownership of a property (apartment, premises, office… ). In this case, each owner owns their specific apartment in the block, but is also co-owner of the common areas and elements of the building.

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