Indivision occurs when multiple individuals collectively own a piece of property, with each person holding an equal share of ownership. As a result, no single person can assert complete ownership of the property without the consent of the other co-owners.
Indivision is a legal term used in civil law to refer to the situation where multiple co-owners possess an undivided interest in a property. This implies that each co-owner holds a share in the property, but the property itself is not physically divided into distinct parts. For instance, if a family inherits a house from their grandparents, the siblings become co-owners with equal shares in the property. However, since the house cannot be physically divided, it remains in indivision. Consequently, the siblings must collaborate and reach mutual decisions regarding the property, such as whether to sell it or carry out repairs.
Indivision is a legal term that refers to the co-ownership of property by two or more individuals without dividing the property into separate portions.
Indivision can be created by agreement between the co-owners or by operation of law, such as inheritance.
Co-owners in indivision have equal rights to use and enjoy the property, but they must also share in the costs and responsibilities of maintaining the property.
Yes, a co-owner can sell their share of the property in indivision, but the other co-owners have a right of first refusal to purchase the share.
If one co-owner wants to sell the property in indivision, they must obtain the consent of the other co-owners or seek a court order to partition the property.
A partition action is a legal proceeding to divide property held in indivision among the co-owners.
Yes, a co-owner can be forced to sell their share of the property in indivision through a partition action if the other co-owners cannot agree on how to divide the property.
Co-owners in indivision are each responsible for paying their share of property taxes and other expenses, and they may also be subject to capital gains taxes if they sell their share of the property.
Yes, co-owners in indivision can be held jointly and severally liable for damages or debts related to the property.
Disputes between co-owners in indivision can be resolved through negotiation, mediation, or litigation if necessary. It is important to have a clear agreement in place regarding the rights and responsibilities of each co-owner to avoid disputes.
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: 16th April 2024.
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