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The Termination of Undivided Joint Ownership May Be Initiated Only from 8 February 2021

The Termination of Undivided Joint Ownership May Be Initiated Only from 8 February 2021

Hungary
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The act on the termination of the undivided joint ownership on lands (and on the clarification of the data of the rightholders of properties deemed agricultural land in the land registry) will enter into force on 1 January 2021.

The act ensures the possibility to terminate the undivided joint ownership on the properties considered agricultural and forestry land (a) by the division of the property, (b) by the acquisition of the property by one of the owners or (c) by the expropriation of the property. According to the new rules, any of the owners may initiate the termination of the undivided joint ownership by the division of the property in an application for recording the fact of the ongoing division.

Although the act enters into force on 1 January 2021, the Hungarian Government accepted a decree in the framework of the protection against the second wave of coronavirus pandemic, which provides for that an application for recording the fact of the ongoing division may not be submitted to the land registry office at this moment. The Government decree will be repealed on 8 February 2021, meaning that the procedure for the termination of the undivided joint ownership by the division of the property may be initiated only from this date.

By Lidia Suveges, Attorney at law, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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