JohnK6 (Colorado)
Posts: 4
Posts: 4
Posted:
my by-laws states that we condo owners are tenants in common- versus joint tenants.whats the implication of that regarding liability etc..what are tenants in common?
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tenants in common
Started by JohnK6 • 4 replies • 1975 views
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RobertR1 (South Carolina)
Posts: 5,164
Posts: 5,164
Posted:
John
Google Tenants in Comkmon.
Google Tenants in Comkmon.
JoeW1 (New York)
Posts: 728
Posts: 728
Posted:
Quote:
Posted By JohnK6 on 11/03/2007 2:45 PM
my by-laws states that we condo owners are tenants in common- versus joint tenants.whats the implication of that regarding liability etc..what are tenants in common?
my by-laws states that we condo owners are tenants in common- versus joint tenants.whats the implication of that regarding liability etc..what are tenants in common?
JohnK6 -
Joint tenancy is ownership of real estate between two or more parites who have been named in one conveyance specifically as joint tenants. Upon the death of a joint tenant, his or her interest passes to the surviving joint tenant or tenants.
Tenancy in common is a form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition. Tenants in common have no right of survivorship.
Tenancy in severalty is ownership of property by one person only.
RobertR1 (South Carolina)
Posts: 5,164
Posts: 5,164
Posted:
JoeW,
Of course your definition is right. However I think John wants to know what Tenants in common means is relatioship to his condo. I'll try.
John, What you are referring to it your (owners of your unit) being classified as tenants in common. Your deed to your unit lists he owns your unit and describes ownership. The rest of the property, in fact some insist, all the property except your right to live there (Air space) is common property. You purchased the right to own your unit and have a deed, but you can not tear your place down, you cannot paint your place whatever, so in effect anything you have the right to do to your place in most associations is to remodel inside (with association permission and planes supplied.
So you and your neighbors are tenents in common owning all the Real Property, no just building but, land, and everything else that is on the real property. Usually condos have different style units, #of bedromms, baths, location, views, etc. All make up the value of the total property. This is all done when the condos are built and is done by the value of the individual units at that time divided by the total value of the complex (everything) you should end up with a total apportioment of 100%. The individual portion of each unit is the portion of the whole, so each unit can have different apportions. My apportionment in my condo is 1.73, we have 65 units, a few units are higher but most units are lower.
This requires a lot of thought to get straight and after you bounce around the room for a while and keep studying, you will see the logic and the fairness in it. To change the apportioned vote will require 100% of the owners, which means, ain't going to happen. If you don't have apportionment and the value of the individual units are different, some one is getting skizzled.
Of course your definition is right. However I think John wants to know what Tenants in common means is relatioship to his condo. I'll try.
John, What you are referring to it your (owners of your unit) being classified as tenants in common. Your deed to your unit lists he owns your unit and describes ownership. The rest of the property, in fact some insist, all the property except your right to live there (Air space) is common property. You purchased the right to own your unit and have a deed, but you can not tear your place down, you cannot paint your place whatever, so in effect anything you have the right to do to your place in most associations is to remodel inside (with association permission and planes supplied.
So you and your neighbors are tenents in common owning all the Real Property, no just building but, land, and everything else that is on the real property. Usually condos have different style units, #of bedromms, baths, location, views, etc. All make up the value of the total property. This is all done when the condos are built and is done by the value of the individual units at that time divided by the total value of the complex (everything) you should end up with a total apportioment of 100%. The individual portion of each unit is the portion of the whole, so each unit can have different apportions. My apportionment in my condo is 1.73, we have 65 units, a few units are higher but most units are lower.
This requires a lot of thought to get straight and after you bounce around the room for a while and keep studying, you will see the logic and the fairness in it. To change the apportioned vote will require 100% of the owners, which means, ain't going to happen. If you don't have apportionment and the value of the individual units are different, some one is getting skizzled.
DaneC (California)
Posts: 210
Posts: 210
Posted:
Here is an article with a California perspective, which may be of help to you.
http://www.andysirkin.com/HTMLArticle.cfm?Article=1
http://www.andysirkin.com/HTMLArticle.cfm?Article=1
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