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:
“Resolved, There can never be a true peace in this Republic until the civil and political rights of all citizens of African descent and all women are practically established. Resolved, that the women of the Revolution were not wanting in heroism and self-sacrifice, and we, their daughters, are ready, in this War, to pledge our time, our means, our talents, and our lives, if need be, to secure the final and complete consecration of America to freedom.”
—Woman’s Loyal League (founded May 1861)
“It is one of the signs of the times. We confess that we have risen from reading this book with enlarged ideas, and grander conceptions of our duties in this world. It did expand us a little.”
—Henry David Thoreau (1817–1862)