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A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. [1]
TIC owners own percentages in an undivided property rather than particular units or apartments, and their deeds show only their ownership percentages. The right of a particular TIC owner to use a particular dwelling comes from a written contract signed by all co-owners (often called a "Tenancy In Common Agreement"), not from a deed, map or ...
Meaning, when mineral rights are extracted by a company that does not own the property above where the minerals are located, the company has the legal right to extract those minerals regardless. However, companies will often enter into voluntary negotiations with the surface rights owner to ensure that the operations all go smoothly.
Rocket Mortgage defines tenancy in common as “equal or unequal undivided ownership [of a property] between two or more people.” When one of the owners dies, their stake in the property passes ...
A CID's ownership benefits are having rights to an undivided interest in common areas and amenities that might prove to be too expensive to be solely owned. For example, an owner would like to have a pool but cannot afford one.
If property is held as community property, each spouse technically owns an undivided one-half interest in the property. This type of ownership applies to most property acquired by each spouse during the course of the marriage.
The four unities is a concept in the common law of real property that describes conditions that must exist in order to create certain kinds of property interests. . Specifically, these four unities must be met for two or more people to own property as joint tenants with legal right of survivorship, or for a married couple to own property as tenants by
Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property. Ownership is the key building block in the development of the capitalist socio-economic system. [1]