Full question:
I own a house together with my daughter 13 and son who is 18 and i want to rent it out is that possible so we can move. The deed reads tenants in common.
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: National
Answer:
When two or more people own property as tenants in common, they each own fractional interests in that property. Tenants in common each own a portion of the property, which may be unequal, but have the right to possess the entire property. Each cotenant has the right to use and possession of the entire property; and none has the right to prevent any cotenant from making use of or possessing the property. Tenants in common can sell, rent, or leave their share by will to someone else, without the other owner's consent. Because of this freedom to transact, tenants in common often sign written agreements limiting each other's rights to deal with the property without the consent of the other party. Each tenant has a right to an accounting of profits made from the property. If the property generates income such as rent, each tenant is entitled to a proportion of that income.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
