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A concurrent estate or co-tenancy is a concept in
The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affect their power to
Law can vary from place to place, and the following general discussion will not be applicable in its entirety to all jurisdictions.
Under the common law, Co-owners share a number of rights by default:
Co-owners generally do not have any obligation to contribute to any costs of improving the property. If one co-owner adds a feature that enhances the value of the property, that co-owner has no right to demand that any others share the cost of adding that feature – even if other co-owners reap greater profits from the property because of it. However, at partition, a co-owner is entitled to recover the value added by his or her improvements of the property if the "improvements" resulted in an increase in property value. Conversely, if the co-owner's "improvements" decrease the value of the property, the co-owner is responsible for the decrease. In an
Furthermore, each co-owner can independently encumber the co-owner's own share in the property by taking out a
Finally, co-owners owe one another a duty of fair dealing. Because of this, any co-owner who acquires a mortgage claim against the property must give his co-owners a reasonable opportunity to purchase proportionate shares in that claim.