Owning property jointly – The rewards, the risks, and the remedy
“Co-ownership is the mother of disputes” (old Roman law maxim) There can be big advantages to buying property jointly but be aware of the risks and take steps to lessen them before you put pen to paper. The problem comes if there is a falling-out with your co-owner. Perhaps you come to blows on your […]
CO-OWNING PROPERTY WITH SOMEONE ELSE: THE UPS AND DOWNS
What is co-ownership? Co-ownership is when one or more people jointly own the same property. In essence, it is when they legally share ownership without dividing the property into physical portions for their exclusive use. It is thus commonly referred to as co-ownership in undivided shares. It is possible to agree that owners acquire the […]
CO-OWNERSHIP OF LAND
The word “co-ownership” in relation to land means that two or more persons own land simultaneously in undivided shares. A share in land does not represent, and may not be held to represent a defined portion of land. A co-owner who holds a share in land does not hold title to a defined piece of […]
HOUSES, COHABITATION, CO-OWNERSHIP, AND THE DANGER OF DISPUTE
“Communio est mater rixarum” (Roman law maxim meaning “Co-ownership is the mother of disputes”) A recent High Court case highlights once again the dangers of cohabiting without entering into a formal cohabitation agreement, particularly when substantial assets are acquired jointly. Things fall apart After living as a couple for 16 years, the parties – let’s […]