Common owners exist when two people decide to take ownership of a property together, gaining equal rights and responsibilities over that property. These owners, or co-owners, as they are referred to, may purchase a property as their living quarters, or perhaps for rental purposes. Both parties involved are entitled to share not only the purchasing cost of such a property, but also the costs associated with owning that property, such as taxes.
Common owners are responsible for all the fees associated with owning a property. Some of these fees can be the mortgage payments, taxes, or even maintenance fees. These items can also be recorded in an agreement kept between the two co-owners in writing, which could entail additional responsibilities. The rights of each co-owner will be explained thoroughly in the main agreement as well as in this additional one.
One of the most clearly stated rights is the right of access that the co-owners have over the property they own. They each have their own unrestricted access over that property. Should one owner decide to dispossess the other for a period of time, the owner that was kept out is entitled to earning funds based on the rental value of the property for the time he was kept absent from it. The type of tenancy/ownership the co-owners are involved in can determine what can and cannot happen to that property in terms of attempted sale of it, or other means of transfer.