Rights and Duties of Co-owners (general)
Under the common law, Co-owners share a number of rights by default:
- Each owner has an unrestricted right of access to the property. When one co-owner wrongfully excludes another from using the shared property, the excluded co-owner can bring a cause of action for ouster. As a remedy, the court may grant the wronged co-owner the fair rental value of the property for the time that they were ousted.
- Each owner has a right to an accounting of profits made from the property. If the property generates any income (e.g. rent, farming, etc. . . .) each owner is entitled to a pro-rata share of that income.
- Each owner has a right of contribution for the costs of owning the property. Co-owners can be forced to contribute to the payment of expenses such as property taxes, or mortgages for the entire property.
Read more about this topic: Concurrent Estate
Famous quotes containing the words rights and/or duties:
“When we lose love, we lose also our identification with the universe and with eternal values—an identification which alone makes it possible for us to lay our lives on the altar for what we believe.”
—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 3, ch. 2 (1962)
“The Family is the Country of the heart. There is an angel in the Family who, by the mysterious influence of grace, of sweetness, and of love, renders the fulfilment of duties less wearisome, sorrows less bitter. The only pure joys unmixed with sadness which it is given to man to taste upon earth are, thanks to this angel, the joys of the Family.”
—Giuseppe Mazzini (1805–1872)