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The Common Owners of a Concurrent Ownership

Concurrent Ownership Common Owners

Common owners within real estate refers to two owners of a property, and their entitlement to the property. Both owners in a common ownership are entitled to certain rights that deal with the property they own as well as each other. The two parties involved may also have a prior agreement specifying certain rights, which one is entitled to or exempt from, according to the document they sign, while they abide by those rules as well.

Common owners exist in real estate transactions where they purchase a home to reside in themselves, or to use for rental purposes as an added form of income. The basic rights that are bestowed upon common owners are similar to most kinds of property ownership in which multiple owners are involved.

They do, however, have their differences as well. When two common owners exist, both have the right of equal access to the property. In the case of common owners that are sharing a house to live in, they are both entitled to the time spent in the house equally. In such a way, one owner cannot keep the other from using the property.

In cases where this does happen, the owner that was kept from the property can file for a certain cause of action that will entitle them to earn back the rental value of the property for the time they were kept out. If one of the common owners chooses to add any improvements to the property, raising its value, he or she cannot request any portion of compensation for the improvement from the other owner. This act is seen as a choice by that owner to add something, on their behalf, to the property.
Now, if that improvement does attest for a raise in property value when the property is sold, then that owner can seek recovery of their invested money from the sale (in the now raised value). In essence, the co-owners are not required to provide funds for the improvement or repair of the property itself. The requirements for the co-owners are to contribute to the expenses and costs related to the ownership of that property. This can be in the form of mortgage payments and taxes on the property.

If the property was used for the co-owners to rent out and not for them to reside in, then each owner should have a proportion of the funds collected on that property, such as in the form of rent. Common owners exist in different types of tenancies. These can include joint tenancy, tenancy in common, and tenancy by the entirety. In each of these, there lies a different set of rules and laws that dictate how common owners must conduct themselves, and their entitlements, as well as eligibility for each type of tenancy.

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