The extinction of condominium is the disappearance of the common property of a certain property, by several people. The condominium is owned in common by several owners, in which property shares are assigned to each of them.

The most common cause of extinction of a condominium is the will of the owners not to continue being part of this community. Nevertheless, is not the only one.

When it is not possible to terminate the condominium by mutual agreement and the asset is indivisible, the division of the asset will be carried out by auction.

Causes of extinction of the condominium:

The causes of extinction of the condominium are established in the Civil Code in its articles 395 to 406.

The Civil Procedure Law must also be taken into account, in the event that the division of assets must be carried out by judicial auction.

The causes for extinction of the condominium are, in principle, the same as for the extinction of the domain, such as abandonment, destruction or usurpation, among others.

However, due to the conditions of the condominium, the Civil Code establishes some specific grounds:

Waiver of the rights of the co-owners in favor of one of them.

Sale of the property to a third party and distribution of the result among the participants of the community.

Division of common thing. Any co-owner has the right to request the division of assets. It is a judicial procedure, the beginning of the division of a common good declares the extinction of the condominium. The result can be material division, constituting a horizontal property, or economic if the property is indivisible. In this case, one of the owners maintains ownership and the others receive compensation according to their quotas. The division by auction can also be reached, if there is no agreement between the parties.

Extinction of condominium by mutual agreement:

The extinction of the condominium can be achieved by mutual agreement, choosing any of the forms provided, either that one of the owners acquires the undivided parts of the others, or that the one who wishes to withdraw from the condominium receives compensation.

Although it is also possible that the property is sold and the co-owners distribute the money according to their shares.

Co-owners who opt for an agreement must carry out a valuation of the property they wish to divide and establish pre-agreements on the way in which the valuation will be carried out, and also, a commitment to accept said valuation.

The condominium extinction deed can be carried out before a Notary, paying the corresponding tax.

In the case of a property that is the family home of a couple in the process of divorce or separation, the extinction of the condominium must be stated in the regulatory agreement.

If this agreement is approved by the Court, it becomes, together with the sentence, the deed of extinction of the condominium. When it is done in this way, unlike the divorce before a notary, the tax on Documented Legal Acts is not taxed either.

Extinction of condominium by judicial means:

If the co-owners do not agree, either in the price or the way of dividing the property, the only possible way is to resort to Justice by filing a common property division claim.

The common property division action involves requesting the condominium extinction from the court, either by awarding each of the owners their corresponding part if the property is divisible, or by selling and later distributing the resulting money, if it is indivisible.

Actually, in the laws there is no specific procedure to carry out the judgment of division of common property, but rather the idea is to achieve the realization in the most expeditious way possible, but without violating the rights of any of the parties.

For this reason, one of the most widely used procedures is the one provided for in article 670 of the Civil Procedure Law, which establishes the auction or public auction of the property.

Necessary documentation:

1.- Identity document of all co-owners.

2.- Valuation of the property.

3.- Documentation of the asset (deeds and contribution).

4.- Documentation related to means of payment.