Many a times, co-ownership or joint owner disputes arise between two or more joint owners of a property. “Co-ownership”, “joint ownership”, “shared ownership”, joint tenancy” or “tenants in common” are the names by which people refer this form of ownership. An individual who has contributed to the purchase by paying a deposit or improvements like building a granny flat, might also have a claim to a part of the property.
Property Settlement Solicitors Perth, can help you look for Court orders to have your “beneficial” interest announced, thereby putting you on the title as an owner of that property (to the level of your rightful ownership). The moment that point is achieved, you will be in a position to choose whether you want to continue as a legal co-owner of the property or want to sell it to a third party or another co-owner.
Rights and duties of joint ownership often require to be decided in a wide variety of circumstances. Common rights and duties are:
- Right of each co-owner to capture the property.
- Duty of a co-owner is to recompense other co-owners who have been mistakenly eliminated from the joint owned property.
- Right of a co-owner to rent the property to others.
- Duty of a co-owner to not harm or permit a jointly owned property to deteriorate in condition
- Right of a co-owner to demand a contribution from the other co-owners for costs incurred or improvements made to the property;
- Duty of a co-owner to report to the other co-owners for any gains or other benefits they have acquired
- Right of a co-owner to sell the property on the open market (in certain circumstances).
Legal problems of joint ownership varies and most of the rights and duties are not “absolute”, they are mostly restricted by the circumstances of particular case. It is always advisable to take legal advice as early as possible. Our lawyers can advise you about your rights and can help you resolve property related disputes. Feel free to contact us – Property Settlement Lawyers Perth.
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