Although all classes of co-owners in fee simple may own a fractional interest in the whole property, each co-owner has the right to the use and possession of the whole property. That right to the use and possession of the whole property is what we call an undivided interest. The fractional interest would come into operation as the share of the proceeds if the property was sold or as a percentage of rentals and profits.
For example:
Suppose Nate and Ryan own a cabin as tenants in common. Each has the right to the use and possession of 100 percent of the property. If the property was sold, each would be entitled to 50 percent of the proceeds. If the property is rented out each would be entitled to half the net proceeds. The same would apply to joint tenants and modern tenants by the entirety.
Distributive property
Distributive Property
The distributive property states that multiplying a sum by a number gives the same result as multiplying each addend by the number and then adding the products together.
This is called the "distributive property" and has applications in algebra.
50% increase
Although all classes of co-owners in fee simple may own a fractional interest in the whole property, each co-owner has the right to the use and possession of the whole property. That right to the use and possession of the whole property is what we call an undivided interest. The fractional interest would come into operation as the share of the proceeds if the property was sold or as a percentage of rentals and profits.For example:Suppose Nate and Ryan own a cabin as tenants in common. Each has the right to the use and possession of 100 percent of the property. If the property was sold, each would be entitled to 50 percent of the proceeds. If the property is rented out each would be entitled to half the net proceeds. The same would apply to joint tenants and modern tenants by the entirety.
Co-owners of undivided interests in one property each have the right to the use, possession and the profits from the property. Each is equally responsible for paying all the bills.
Yes. When several people own property as tenants in common they each have the equal right to the use and possession of the property. A boat slip would become part of the real property if it's attached to the land.
A cadastral map is a map that shows the land properties in a community and the use to which a property is put or the name of the owners of each property.
It doesn't matter who paid what. The tenancy set forth in the deed controls what happens if a co-owner dies. The three owners will each own a one-third interest unless some other proportions are specifically mentioned in the deed. You need to provide more details.
All classes of co-owners in fee simple have an undivided interest in the whole property. Therefore, each co-owner has the right to the use and possession of the whole property. If two people are grantees on a deed their respective one-half interests would come into operation as each person's share of the proceeds if the property was sold. There are several different legal schemes for co-ownership called "tenancies" that govern who will receive the share of a co-owner who dies. See the related question link provided below for a full explanation of those various tenancies.
You should consult with an attoirney. All the owners of the property must consent to a lease. Each co-owner has the right to the use and possession and profits of the entire property. The property is not partitioned off according to separate interests. See related question link.You should consult with an attoirney. All the owners of the property must consent to a lease. Each co-owner has the right to the use and possession and profits of the entire property. The property is not partitioned off according to separate interests. See related question link.You should consult with an attoirney. All the owners of the property must consent to a lease. Each co-owner has the right to the use and possession and profits of the entire property. The property is not partitioned off according to separate interests. See related question link.You should consult with an attoirney. All the owners of the property must consent to a lease. Each co-owner has the right to the use and possession and profits of the entire property. The property is not partitioned off according to separate interests. See related question link.
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium.
If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.If there are two owners then each has the right to claim half unless the owners have entered into some other agreement in writing.
Anyone who owns a condominium, owns it with other owners. Each owner owns a unit, with boundaries defined in the CC&Rs between this property and the property owned by all owners. The boundary may be 'the paint/ wallpaper', 'the studs', 'sheet rock', or other.
A division of the property must be done by all three owners. If there are three joint owners each one owns a one-third undivided interest in the WHOLE property. It can only be partitioned by a court.
The co-owners must be in agreement to rent out the property. Co-owners each have the right to the use and possession of the entire property. One cannot legally encumber the property without the other's consent. You may need to offer to purchase the co-owner's interest in the property at an attractive price to encourage them to agree. If they are not willing then you are at an impasse.