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:
“Let woman share the rights and she will emulate the virtues of man; for she must grow more perfect when emancipated ...”
—Mary Wollstonecraft (1759–1797)
“It is fair to assume that when women in the past have achieved even a second or third place in the ranks of genius they have shown far more native ability than men have needed to reach the same eminence. Not excused from the more general duties that constitute the cement of society, most women of talent have had but one hand free with which to work out their ideal conceptions.”
—Anna Garlin Spencer (1851–1931)