Article 250. Preemptive right of purchase.
1. When a share in the right of common ownership is sold to an outside person, the remaining participants in share ownership shall have the preemptive right to buy the sold share at the price for which it is sold, and on other equal conditions, except for the case of sale at public auction. Public tenders for the sale of a share in the right of common ownership, in the absence of consent of all participants in common ownership, may be held in the cases provided for in part two of Article 255 of this Code, and in other cases provided by law. 2. The seller of the share is obliged to notify in writing the remaining participants in the share ownership of the intention to sell their share to a stranger, indicating the price and other conditions on which he sells it. If the remaining participants in common ownership refuse to purchase or do not acquire the sold share in the ownership of real estate within a month, and in the ownership of movable property within ten days from the date of notification, the seller has the right to sell his share to any person. 3. When selling a share in violation of the preemptive right to purchase, any other participant in share ownership has the right within three months to require the transfer of the rights and obligations of the buyer to it in court. 4. Concession of the preemptive right to purchase a share is not allowed. 5. The rules of this Article shall also apply when a share is alienated under an exchange agreement.
References to other articles of chapter 16. Shared ownership: