Real estate ideal co-ownership

Real estate ideal co-ownership – this legal term applies in the area of Property Law. Usually, it refers to common Title right of two or more co-owners. Who may have jointly bought or inherited an apartment or plot of land. The standard situation occurs between two ex-spouses – who share 50-50% co-ownership. It is “ideal” because firstly, the co-owned premise or land can not be divided technically. And secondly – every owner cannot detail which exact part of the property applies within his/her co-ownership.

The ideal co-ownership entitles every co-owner to claim for the related part of all costs for any repairs they have done to the apartment. Simply because of the other benefits from these necessary repairs. A co-owner can claim also half of the annual property taxes, in case he/she is paying these to the local Tax Men. Unfortunately a co-owner does not have a right to rent the whole apartment out without the consent of the other co-owner. Because he/she does not own the whole apartment, but only ideal half of it. Either to claim losses from the other co-owner stopping third parties to enter and use their co-owned apartment.

Real estate ideal co-ownership / Legal Glossary

Posted in: R