Establishment of Separate Ownership of Premises Through a Court Settlement as a Means of Abolishing Co-Ownership of Real Estate

This article focuses primarily on issues relating to the possibility of abolishing co-ownership of real estate through the establishment of separate ownership of premises by means of a court settlement, the content of this settlement, as well as on indicating the legal instruments available to the entitled party in the event that the statement of intent made in the settlement is flawed or if the settlement, as an invalid legal act, fails to produce legal effects. It should be pointed out that the court settlement appears to be an attractive option for co-owners to exit the state of co-ownership for at least three reasons. First, since it is a court settlement, the court ensures its correctness, including the clarity, precision and inconsistency of its provisions, as well as the compliance of the settlement with the law, including, first and foremost, the construction and premises law. Secondly, a court settlement may provide a guarantee of broader respect for the will of the parties regarding the details of property division than a court order. And thirdly, concluding a court settlement may help save time and costs spent by the co-owners. The reasons given should provide sufficient motivation for interested parties to consider this as an option to exit the state of co-ownership.