A co-tenancy is a legal arrangement where two or more individuals or entities jointly own a property. Each co-tenant has an undivided interest in the property, meaning they have an equal right to possess and use the property. Co-tenants also share in the financial responsibilities and benefits of the property, such as paying for maintenance and receiving rental income. However, co-tenants do not have the right to exclude other co-tenants from the property unless there is a specific agreement in place. Disputes between co-tenants can arise regarding the use, management, and division of the property, which may require legal intervention to resolve.
Co-tenancy refers to a legal arrangement where two or more individuals or entities share ownership and possession of a property simultaneously.
In co-tenancy, each co-tenant has a separate and distinct ownership interest in the property, whereas in joint tenancy, all co-tenants have an equal and undivided interest in the property.
Yes, co-tenants can have different ownership percentages based on their respective contributions or agreements made among them.
Co-tenants have the right to possess and use the property, share in the profits and expenses, and transfer or sell their ownership interest. They are also responsible for maintaining the property and paying their share of taxes and other costs.
Generally, a co-tenant can sell or transfer their ownership interest without the consent of other co-tenants. However, the new owner becomes a tenant in common with the remaining co-tenants.
If one co-tenant wants to sell the property, but others do not, they can file a partition action in court to force the sale of the property and divide the proceeds among the co-tenants.
Yes, a co-tenant can lease or rent out their portion of the property. However, the other co-tenants must consent to the lease or rental agreement.
If one co-tenant fails to pay their share of expenses, the other co-tenants may have the right to sue for reimbursement or seek a partition action to sell the property and divide the proceeds.
No, a co-tenant cannot force improvements or alterations on the property without the consent of other co-tenants. Any changes to the property must be agreed upon by all co-tenants.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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