Q&A

Can a joint tenant sell their interest California?

Can a joint tenant sell their interest California?

Since the joint tenants have equal interest, the property cannot be sold without all parties’ consent. Instead of selling, a joint tenant can choose to transfer their interest to another party. Therefore, the property cannot be passed down to the heirs of the joint tenants.

What type of interest is condominium ownership?

Under the Condominium Act, condominium refers to an interest in real property, consisting of a separate interest in said unit in a commercial, industrial, or residential building; and undivided interest in the land on which the building is located and in other common areas therein.

What is a common interest in a condominium in California?

California law refers to condominiums as “common interest developments.”. Practically, this means that you have a separate interest in your condo, a shared interest in common areas and a membership in the condominium association. Just what constitutes a common area and a separate interest is defined by law.

Do you own a fractional interest in a condominium?

As we stated in the answer to the previous question, Condominium owners own a fractional or percentage interest in common with all other owners in the Condominium project, in all common areas.

What kind of ownership is common in California?

The two most common forms of common interest developments in California are Condominiums and Planned Developments, often referred to as PUDs. The essential characteristics shared by these two forms of ownership are:

What does it mean to buy a condo in California?

Buying a condominium in California means getting acquainted with a whole body of law that defines your rights and responsibilities as a condo owner. California law refers to condominiums as “common interest developments.”

California law refers to condominiums as “common interest developments.”. Practically, this means that you have a separate interest in your condo, a shared interest in common areas and a membership in the condominium association. Just what constitutes a common area and a separate interest is defined by law.

Can a co-owner sell half of a property?

In some cases, among unmarried couples, business partners or heirs, one party may wish to hold onto a property while the other wishes to divest. In these cases, co-owners can’t immediately sell their half of a property, but may force the court to partition it.

The two most common forms of common interest developments in California are Condominiums and Planned Developments, often referred to as PUDs. The essential characteristics shared by these two forms of ownership are:

Can a co owner partition a piece of land in California?

Although state laws on partitioning co-owned property vary, California property co-owners each have the right to partition the property. Under the law, partitioning a property doesn’t create a new title for the land, but merely assigns specific ownership rights to each of its owners, providing each owner with equitable parts of the property.