If a co-owner offers their share for sale to a non-Owner, the other co-owners hold a pre-emption right to purchase that share. If multiple co-owners wish to exercise this right, each may purchase a portion proportional to their existing share. This…
If a co-owner offers their share for sale to a non-Owner, the other co-owners hold a pre-emption right to purchase that share. If multiple co-owners wish to exercise this right, each may purchase a portion proportional to their existing share. This right is intended to allow existing owners to consolidate their interest in a unit. However, pre-emption rights do not apply if the share is being transferred to a spouse or close relative up to the fourth degree.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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