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:
As tenants in common, you and your children each own a share of the property. This means you can rent out the house without needing permission from your co-owners. However, since they are minors, you may want to consider their interests and any legal implications regarding their shares. Each co-owner has the right to use the property and is entitled to a portion of any rental income generated. It's advisable to have a written agreement among all owners to clarify how decisions regarding the property will be made and how rental income will be divided.
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.