Definition from Nolo’s Plain-English Law Dictionary Ownership right to use and possess property that is shared by two or more co-owners. No individual co-owner has an exclusive right to any portion of the property.
Can tenants in common sell their share?
Each tenant in common has the legal right to sell his share of the property unless they have entered into a legal contract otherwise. That means that the entire property must be sold and the proceeds distributed according to percentage ownership.
What does undivided fee simple interest mean?
An undivided real estate interest is a tenancy in common, meaning that the interest holder is entitled to possession of the property according to his proportionate share. Undivided interest holders do not enjoy rights and powers comparable to the owner of a fee simple estate.
How can I sell my undivided interest in a property?
Find out how your ownership is classified on the deed. If you are tenants in common, you have an undivided interest in the property; as this type of owner, you can sell only your interest in the property. To sell the whole piece, all owners must agree to sell.
How many people can have an undivided interest in a property?
In tenancy in common, two or more people can share undivided interest in a property, but their shares don’t have to be equal. Instead, one person could own 10 or 30% of the property while another owns 90 or 70%. Despite these unequal shares of ownership, all decisions about the property still need to be made together.
What to do if you no longer want to be an undivided interest owner?
If you no longer want to be an undivided interest owner, there are several alternatives. You can offer to sell your 1/3 interest in the land to your cousins or buy their 2/3 interest in the land. If that is not an option, real property owned by undivided interest owners may be partitioned by agreement or by judicial decree.
What does it mean to own an undivided property?
→ Learn More. An undivided property is not just a property that has not been subdivided into different sections. It is usually one piece of property, owned by more than one person, in which all owners have an undivided interest.
