Joint ownership of property is common in case of joint
inheritance and can be a source of numerous problems for
the co-divisors.
As the Monegasque Civil Code doesn't provide any clear
solutions and the conflictual situations need to be resolved, the
Principality's judges have drawn heavily on French
law to define the legal regime for undivided
property.
Joint owners should bear in mind that certain acts (such as the
sale of joint property) require the unanimous
consent of all the co-dividers, while other acts (such as
the maintenance works required to preserve the property) may be
carried out at the initiative of just one of them,
the aim being to enable a long-term and smooth management of the
joint property.
Naturally, all acts of management must be drafted with
special care, to avoid any subsequent grievance, as an
undivided co-ownership, which has no legal personality, cannot, as
such, take legal action or enter into contracts (e.g. leases)
relating to undivided property.
If the parties cannot reach any consensus and the situation becomes
inextricable, the co-divisor may, as a last resort, bring about a
partition, because, as the saying goes, no one can
be forced to remain in joint ownership.
Following the example of French law, judicial
partition requires a prior attempt at amicable partition,
the aim always being to reach an agreement between the joint owners
outside the courtroom. As a last resort, however, the Monegasque
court may order a judicial auction of the undivided property.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
