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When two or more individuals are the owners of a property in a collective manner, it is called common ownership. In this type of a setting, there is no one individual who can claim to be the owner of that property. Instead, the property belongs to all the persons who own it. For instance, according to the Mississippi condominium law, it is stated that in a typical condominium project, an owner will have the possession of the entire condominium unit. Moreover, he or she should also have a certain percentage of ownership rights on the common areas of the project along with other owners. Common ownership is of many different types that include joint tenancies, tenancies in common, and tenancies by the entirety. Below are answers to few of the more common legal questions about on the subject: My friend and I have a condo in Chicago, bought 29 years ago. According to our lawyer, any of us could sell their share in the property as per the agreement. However, before we sell it, both parties need to be in agreement with each other while in common ownership. Now my friend has expired and the lawyer transferred the power of direction to the survivor, which is why the heirs are demanding their shares. However, we did not want this to happen. Now since our original lawyer did not alter the trust agreement from co-ownership to joint ownership, the title company will not likely change the trust agreement. What is it that I can do in this case?
In a case like this, since your friend has expired, there is nothing much you can do about it. Any changes that you wanted to make in the agreement should have been made when he/she was alive. However, what you can do now is try to sue the deceased attorney's estate for neglecting this issue. What is the legal procedure to transform a residential community into a regular neighborhood subdivision that should be governed only by the city and county laws and not by anyone? We have a residential community in Florida that contains 110 single family homes. We are a part of that community and since we lack having enough board members for the HOA, we would like to dissolve it.
In a case like this, you would need to get an order from the court to dissolve the HOA. This is because the state of Florida chose not to adopt the Uniform Common Ownership Interest Act and therefore, there are no formal guidelines for dissolving HOA in Florida. So the best thing would be to get the help of an attorney in the completion of this process. Usually, common ownership community association is formed by every home and property owner who belongs to a residential development. They generally share a common property. Therefore, the main reason the association is formed is to protect and look after the property and preserve the nature of the community from any kind of harm. The property owners usually, tend to become members of the association; however they need to fulfill certain responsibilities after they become the members like splitting their responsibilities amongst each other for the purpose of administration. There are also many common expenses which the owners need to contribute in and they own rights to use common facilities and grounds of the property as well. If you need any clarification about your particular situation with respect to common ownership, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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