Property sale with multiple owners: legal and practical considerations

How is ownership divided in a property in Hamburg?

There are surprisingly many situations that can lead to shared ownership of a house, apartment, or plot in Hamburg Barmbek. A classic example is the joint purchase of a property, such as by a married couple or an investment group. Ownership is also divided when a property is inherited by more than one heir. In all these cases, the respective ownership shares are recorded in the land register excerpt of the property—this is known as a co-ownership community (Bruchteilsgemeinschaft). Another form can be a joint ownership community (Gesamthandsgemeinschaft), such as an inheritance community (Erbengemeinschaft). If the house, apartment, or plot in Hamburg Barmbek is to be sold later, the relevant entries in the land register must first be checked. Your real estate agent at Engel & Völkers Hamburg is happy to assist you in obtaining the necessary documents.

These legal regulations apply when selling a jointly owned house or apartment

For the complete sale of a property with multiple owners, the consent of every owner is decisive—only if every shareholder approves the sale of the house, apartment, or plot in Barmbek can a notarized purchase contract be concluded. Even if a majority of the owners support the sale, it can practically be blocked by a single opposing vote. Especially in cases of inheritance or divorce, where owners often have different intentions for the property, reaching a sales agreement can therefore become challenging. A qualified real estate agent like Engel & Völkers Hamburg can act as a mediator between the parties in such cases, as they hold a neutral position and, thanks to many years of market and industry experience, fully understand the arguments in favor of a sale. Contact us!

Not all owners of the property in Hamburg are ready to sell? These alternatives are available to you

If, after lengthy discussions, no agreement can be reached on the sale of the house or apartment in Hamburg Barmbek, it is possible within a co-ownership community to sell only your own share of the property—this step can be taken either within the co-ownership group or involving external parties. Alternatively, a structural division of the property can be carried out so that two or more separate residential units are created and assigned to the respective owners. Depending on the condition of the house or apartment, this is usually only feasible with considerable effort and often negatively affects the overall value of the property. If no agreement can be reached even after considering these alternative solutions, the final option is a partial auction, which, however, under economically rational criteria, tends to produce the least favorable results for all owners.

For this reason, collaborative and communicative problem-solving should be the focus of all co-owners of the property in Hamburg Barmbek. Engel & Völkers Hamburg not only offers to act as a mediator in this process but also enables you and your co-owners to achieve a smooth, prompt, and profitable property sale with results satisfactory for all parties involved. We would like to invite you to a free and non-binding consultation in which we can assess your individual situation and jointly plan the first steps toward a successful property sale in Hamburg. Contact us today. We look forward to hearing from you!