Property such as land or a home can be held by more than one person at a time. Joint ownership occurs when multiple parties hold title to a single piece of real estate. There are three types of joint ownership: tenancy in common, tenancy by the entirety and joint tenancy. Click Here to learn how a person’s duties can vary depending on the type of joint ownership they have.
Personal Rights Under Joint Ownership
In theory, every joint owner has equal rights of use and possession, regardless of their share of the title to the property. In most areas, joint owners may use the property in the absence of making rent payments to other owners. However, if a person is a joint owner in sole possession, they cannot deny another joint owner use of the property or they risk accusations of ouster and they may have to pay rent. While a person cannot exclude other joint owners, they can exclude everyone else from the property. Joint owners are entitled to a proportionate share of rent paid by third parties, and of profits derived from the land.
Duties as a Joint Owner of Property
Joint owners of real estate must fulfill certain duties. They must pay the appropriate share of taxes, mortgage payments and assessments, and they have the duty to compensate other joint owners for damage caused to the property. Most jurisdictions hold joint owners liable for their share of repair and maintenance costs, but a joint owner isn’t liable for the cost of land or structural improvements unless they were mutually agreed upon by both parties.
Does a Joint Owner of Property Need to Hire a Real Estate Attorney?
If there’s a problem in a joint ownership arrangement, Real Estate Attorneys in Bel Air MD can advise the owner as to their legal rights and responsibilities. Michael S. Birch Attorney at Law can help the client choose the right course of action, and they can help owners settle disputes, protect themselves from liability, and safeguard their legal rights. The legal system is very complex, especially in real estate cases, and hiring Real Estate Attorneys in Bel Air MD can simplify the process.