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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 The Government decree will be repealed on 8 February 2021, meaning that the procedure for the termination of the undivided joint ownership by the division of the property may be initiated only from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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
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Firm's website: http://www.kcgpartners.com