Co Ownership or Joint Ownership

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1. Concept: (Coderechos o Co Propiedad): co ownership or joint ownership is based on art. 270 of the CR Civil Code of 1.886, which reads: “When a thing (object of ownership) belongs simultaneously to one or more persons; its owners exercise jointly all the rights of the singular proprietor, proportionately to the share that each one has over the common property.” Thus this is an ownership regime or type, whereby multiple owners exercise jointly the ownership rights over the object (property) in  a manner proportionate to their respective share of ownership.

2. Public Registry: After the 1.977 automatization, the Public Registry incorporated three zeros, after the five/six digits  property title number (Province-123456-000), in order to allow administration and processing of this Property Regime.

3. Real Estate Taxes: Art. 7 of the Real Estate Taxes Ownership Law (Nº7509) regulates the payment and collection of real estate taxes on Properties with Co Owners: “When a property belongs to several co owners,  each one shall pay a part of the tax proportionate to his/her ownership right  over the real estate. In case of arrears, the Default Tax Mortgage is to be executed over the respective co ownership right (in arrears).”