Concurrent estates refer to any property that is owned by more than one person or party at a time. If more than one person owns a share of the property, the owners are referred to as “co-owners” or concurrent owners (the word “concurrent” means “at the same time”).
In general, there are three different types of concurrent estates:
The most common type of concurrent estate is tenancy in common. Unless otherwise stated, most courts will assume that a tenancy in common exists whenever multiple persons take concurrent possession of a single piece of property.
The rights and duties of joint owners of real property may vary according to the type of concurrent estate involved. But generally speaking, concurrent owners of property have the right to:
In addition, concurrent property owners assume several duties as co-owners, such as the duty to make financial contributions for repair of normal wear and tear of the home.
On the other hand, concurrent property owners may or may not have the right to sell their property interest share to an outside party. Doing so will usually terminate the concurrent ownership arrangement, and may create a new one with the new party.
Entering into a concurrent ownership agreement can be very helpful most people. However, working with other persons can sometimes result in various property disputes and conflicts. Some disputes associated with concurrent estates can include:
Many of these concurrent estate disputes can be avoided if the parties have a clearly written agreement regarding the property. In many cases it may be necessary to hire a lawyer to help draft the title agreement. If the parties cannot resolve their differences, it may sometimes be necessary to file a civil lawsuit to obtain a remedy in court.
If you are involved in a dispute over a concurrent estate, it is to your advantage to hire a real estate lawyer. This is especially true if you or one of the co-owners needs to file a lawsuit. An experienced attorney can help represent you in court and can help defend your property interests according to the laws of your state.
Last Modified: 11-13-2013 11:05 AM PSTLaw Library Disclaimer
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