Also known as: coownership · co ownership · concurrent ownership
Written by attorneys · grounded in primary & secondary sources — see below
A form of property ownership in which two or more persons hold undivided interests in the same property. The interests may take the form of joint tenancy, tenancy in common, or tenancy by the entirety depending on the jurisdiction and the language of the creating instrument.
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Caitlin Crowley and Colin Chambers received a deed conveying a lakeside cabin to them jointly. State law permitted joint tenancy as a form of concurrent ownership. Upon Caitlin's death her interest passed automatically to Colin by right of survivorship rather than descending to her heirs.
Corinne Cho and Craig Caldwell held their home in co-ownership registration with right of survivorship. After Craig died the probate court included Corinne's full ownership interest in the property when calculating her augmented estate under the applicable probate statute.
Curtis Cannon and Christian Coleman took title to their residence as husband and wife. State law recognized tenancy by the entirety as an allowed form of concurrent ownership. A creditor of Curtis alone could not force a sale of the property to satisfy the debt.
Crown Pharmaceuticals purchased a unit in a condominium project. The purchase gave the company an undivided interest in the common amenities shared with other unit owners. The condominium association enforced use restrictions against the company as a co-owner of the common elements.
Cedar Creek Farms held title to farmland as tenants by the entirety. The IRS asserted a federal tax lien against one spouse's interest. The Supreme Court held that the lien could attach to the entireties property because the spouse possessed rights to property under federal law.
Crystal Dynamics and Cobalt Energy shared a leased warehouse under a co-ownership arrangement. One co-owner consented to a police search of the premises. The Supreme Court held that the consent was ineffective against the non-consenting co-owner who was present and objected.
No. Joint tenancy or tenancy in common does not by itself establish a partnership even when the co-owners share profits from the property. Additional facts showing an association to carry on business as co-owners for profit are required.
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The surviving spouse's ownership interest in property or accounts held in co-ownership registration with right of survivorship is included in the augmented estate calculation. The value included is the interest that passed to the surviving spouse as surviving co-owner.
…of ownership as well as an individually owned unit in a multi-unit development, is Latin in origin and means joint dominion or co-ownership. (4B Powell, Real Property, supra , § 632.1[4], p. 54-18.) The concept of shared real property ownership is said to have its roots in ancient Rome. ( Ibid. ; see also Ramsey, Condominium…
…treated as one person with each spouse having an undivided right to the property, is readily distinguishable from other forms of concurrent ownership
…98 U.S.App.D.C. 283, 235 F.2d 510 (1956), subsist also. And see D.C.Code § 45-816 (1967). The fourth common law form of co-ownership
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Tenancy by the entirety is an allowed form of concurrent ownership in such state.
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A condominium unit owner holds an interest in common with others in the amenities and facilities included in the project. This hybrid nature of property rights explains the popularity of condominium ownership.
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Yes. The rights of a tenant by the entirety constitute property or rights to property under federal tax lien statutes even though state law may prevent seizure to satisfy one spouse's debt. The lien therefore attaches to the entireties property.
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No. When one co-owner is present and objects, the consent of the other co-owner does not authorize a warrantless search of the shared premises. The objection of the physically present co-owner controls.