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Real estate

Discussion in 'Joint Ownership' started by Guest, Mar 22, 2014.

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  1. Guest

    Guest Law Topic Starter Guest

    What are the rights of a tenant in common as to other tenants in common where land use is an issue?
     
  2. army judge

    army judge Super Moderator

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    The most common form of co-ownership is tenancy in common.This type of co-ownership is created when property is left jointly to several people in a will or may be created by deed. Tenancy in common is presumed in most states if property is transferred jointly to several people and no other form of co-ownership is designated.

    Tenants in common own an undivided interest in the property respectively. They may own equal or unequal shares. For example, one owner may own a 1/3 interest and the other owner may own a 2/3 interest in the property. The owners have an equal right to possess the property but may not exclude the other co-owners. Rents are normally shared according to the ownership share.

    The owners do not necessarily have to acquire their interests at the same time. For example, a mother may deed a 1/2 share to one son during her lifetime and leave a 1/2 share to another in her will. Any co-owner may sell, mortgage, give or otherwise transfer his ownership share to someone else. Such a transfer affects only his share and has no effect on the other co-owners except that they now have a new co-owner. When one of the co-owners dies, his share is transferred to the heirs designated in his will. If no will is left, the share will be transferred to the heirs at law under the law of intestacy.

    If tenants in common cannot agree about management of the property, any cotenant may ask a court to partition or divide the property. This is an absolute right even if the other tenants in common do not wish to have the property divided. If possible, the court will physically divide the property. In some cases, such as where the property is a house, it may not be practical to divide the property fairly. In those cases, the court will order the sale of the property and a division of the proceeds.




    http://www.firstam.com/assets/title/ok/real-estate-agents/ways-to-take-title-in-oklahoma.pdf

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    Last edited: Mar 22, 2014

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