Jointly Owned Property
Civil Code section 682 defines the four types of jointly owned property: joint, partnership, in common or community. Often the type of interest is stated on the deed conveying title.
Each owner is equally entitled to possession of the entire property, and one owner cannot exclude another owner from the property. Likewise, an owner is not obligated to pay rent for their personal use of the property in most cases.
Taxes and passive income (such as rents) are shared equally by each of the co-owners. If one co-owner does not pay taxes, the others would have a right to contribution. And if one co-owner collects rents, that owner may have to account to the other co-owners for the rents, expenses and profits realized.
Absent an agreement between the owners, one owner/partner is ordinarily is not entitled to compensation for managing the jointly owned property. However, compensation may be sought under a theory of implied contract.
Unlike taxes and payments of mortgage principal, there is no obligation on the part of one owner to insure the property – unless, of course, there is an agreement otherwise. Insurance merely protects the interest of the policy holder.
If you have a question about your legal rights, or wish to speak to an attorney about your situation, please call us today at 510-663-9240, or contact us online to discuss your legal rights.