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:
“Human beings have rights, because they are moral beings: the rights of all men grow out of their moral nature; and as all men have the same moral nature, they have essentially the same rights. These rights may be wrested from the slave, but they cannot be alienated: his title to himself is as perfect now, as is that of Lyman Beecher: it is stamped on his moral being, and is, like it, imperishable.”
—Angelina Grimké (1805–1879)
“One of the duties which devolve upon women in the present interesting crisis, is to prepare themselves for more extensive usefulness, by making use of those religious and literary privileges and advantages that are within their reach, if they will only stretch out their hands and possess them.”
—Sarah M. Grimke (1792–1873)