Real estate ownership is an impressive accomplishment in the United States, with only 66 percent of people owning the property they live on. One of the best ways to decrease your costs while owning land or a home is through joint property. The concept works well when both parties are on the same page.
Despite the cost-effectiveness, there are negatives you must know about when you own 50 percent of a property. Knowing your rights is essential if you face conflict or co-owner disputes over how to manage the land or home.
Luckily, you’ve arrived in the perfect place to learn your rights over a co-owned property. Continue reading to know what to expect when you sign the real estate contract today!
Decisions for the Property
As a co-owner, you have the right to make decisions for the property you’ve purchased. These decisions pertain to repairs and other structures, residences, and land alterations. It’s best to discuss the modifications with other co-owners before proceeding to limit the possibility of co-owner disputes and legal trouble.
Property Access
Another right to note when you own 50 percent of a property is your access to the home and land. The co-owners are not allowed to limit or restrict your access to the property. Consider hiring an attorney if you’re facing challenges accessing your joint property.
Rental Incomes and Profits
If the co-owned property generates income and profits, you can ask for your share of the profits. The sale of any property is also part of your rights as a co-owner. Work with Partition legal services Inland Empire to find legal counsel and representation for your case.
Legal Notices
You have a right to be notified of any property-related legal issues. You’ll receive notice of the allegations and learn how they affect your ownership.
Keeping up with a legal battle other co-owners face involving your property is vital. Notification of the legal dispute will help you find an experienced attorney to represent you during the proceedings.
Mineral Rights
If the mineral rights were intact when you and the other co-owners purchased the property, all owners are entitled to those rights as part of the property deed.
It’s a significant right if natural gas or oil is discovered on the property. You and the other co-owners are in a position to make a substantial profit from selling those resources. Ensure you get your fair share if a co-owner decides to sell mineral rights from your joint property.
Protect Your Rights if You Own 50 Percent of a Property
Knowing and protecting your rights is vital if you own 50 percent of a property. You’re entitled to access to the home and property, and no one is legally allowed to stop you.
You can also share the profits from rentals, mineral rights sales, and other income. It’s part of your real estate contract to have a share in decisions for repairs on the property.
The legal realm is confusing and complex. Use our Law content to seek the help and guidance you deserve today!