Are you a co-owner of a home and facing difficulties in reaching a rental agreement? Don’t worry anymore! Here are solutions to make the most of your property, even when co-owners are not on the same page.
It is common for disagreements to arise between co-owners when it comes to renting a property. Differences in preferences, financial objectives and long-term visions can make decision making difficult. However, all is not lost!
First, it is important to seek common ground and establish open and constructive communication between the co-owners. This may involve discussing the concerns and priorities of each party, and working together to find win-win solutions.
If direct negotiations do not lead to an agreement, consider seeking mediation from a neutral third party, at Inmo Empire we help you with this by facilitating productive conversations and finding acceptable compromises for all parties involved.
In addition, it is important to note that, according to the law, a co-owner has the right to rent his part of the property without the consent of the others. However, this can lead to conflicts and legal complications if not handled correctly. Two conditions must be met:
1) that the co-owners in favor of renting are in the majority, and
2) that the term of the lease does not exceed six years.
The six-year restriction is established in the Civil Code, and furthermore, most court rulings have been consistent in declaring invalid leases that exceed this period when there is not unanimous consent of all co-owners.
In summary, while it can be challenging to rent a home when co-owners disagree, there are strategies and resources available to overcome these obstacles. With open communication, proper mediation and creative solutions, it is possible to make the most of your property and turn it into a profitable source of income for all involved. Don’t let disagreements stop you! Contact us today and we will help you through the entire process.
