Co-Tenancies or Joint Ownership
When two or more parties hold title to real estate, they are treated as co-tenants and their rights and obligations are governed by common law rules, unless the parties have entered a co-tenancy agreement to establish other rules. Perhaps most notably, co-tenancy law allows any co-tenant at any time to compel the sale of the property or if it is physically possible, the division of the property into parcels to be separately owned by each co-tenant. Because of this rule, co-tenants often elect to enter a co-tenancy agreement which contains customized provisions governing the sale of the property and the rights of one co-tenant to be bought out if the other co-tenant(s) wish to continue holding the property. Co-tenancy agreements are also helpful if personal use of the property is intended for one or all of the co-tenants or if the parties have plans to remodel or redevelop the property.
We assist parties in drafting co-tenancy agreements which meet their particular circumstances. When a co-tenant is having problems with the relationship, we can provide advice on rights and options and, if necessary, bring legal action to protect the rights of the client.