Of Undivided Deeded Interest Ownership: Fill & Download for Free

Great question! The answer is yes!When you buy a condo unit, you own the unit together with a percentage of undivided ownership interest the “common elements,” which includes the underlying land, lobbies, corridors, stairways, elevators, parking and recreation areas, etc.The percentage of the common elements stated on the deed for a condo unit is legally “a part of, attached, or appurtenant to” that condo unit.This applies to all of the general common elements of a condominium.There may also be limited common elements which are common elements that are reserved for the exclusive use of a single unit owner, such as a storage room or an assigned parking space. These are also a part of, attached, or appurtenant to a particular condo unit and are reserved for the unit owner’s exclusive use.

See Tenancy in Common:Tenancy in Common - A form of concurrent ownership of real property in which two or more persons possess the property simultaneously; it can be created by deed, will, or operation of law.Tenancy in Common is a specific type of concurrent, or simultaneous, ownership of real property by two or more parties. Generally, concurrent ownership can take three forms: joint tenancy, tenancy by the entirety, and tenancy in common. These forms of concurrent ownership give individuals a choice in the way that co-ownership of property will be carried out. Each type of tenancy is distinguishable from the others by the rights of the co-owners.Usually, the term tenant is understood to describe a person who rents or leases a piece of property. In the context of concurrent estates, however, a tenant is a co-owner of real property.All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, her ownership interest. This can be done by deed, will, or other conveyance. In a tenancy by the entirety (a concurrent estate between married persons), neither tenant has the right of alienation without out the consent of the other. When a tenant by the entirety dies, the surviving spouse receives the deceased spouse's interest, thus acquiring full ownership of the property. This is called a Right of Survivorship. Joint tenants also have a right of survivorship. A joint tenant may alienate his property, but if that occurs, the tenancy is changed to a tenancy in common and no tenant has a right of survivorship.Another difference between tenants in common and joint tenants or tenants by the entirety is that tenants in common may hold unequal interests. By contrast, joint tenants and tenants by the entirety own equal shares of the property. Furthermore, tenants in common may acquire their interests from different instruments: joint tenants and tenants by the entirety must obtain their interests at the same time and in the same document.tenancy in common n. title to property (usually real property, but it can apply to personal property) held by two or more persons, in which each has an "undivided interest" in the property and all have an equal right to use the property, even if the percentage of interests are not equal or the living spaces are different sizes. Unlike "joint tenancy" there is no "right of survivorship" if one of the tenants in common dies, and each interest may be separately sold, mortgaged or willed to another. Thus, unlike a joint tenancy interest which passes automatically to the survivor, upon the death of a tenant in common there must be a probate (court supervised administration) of the estate of the deceased to transfer the interest (ownership) in the tenancy in common.Discussion Tenants in Common DisadvantagesRisking Your CreditThe TIC became popular as a method of ownership in San Francisco because real estate prices were, and remain, high relative to income and because it is difficult to turn a multiunit residential building into condominiums. The idea behind the TIC is that a group of people could pool their resources to buy an apartment building and move into the building, each owning a fractional interest that represented one unit. When this practice first took off, there was only one type of loan for the buyers to get--a single group loan to which they all signed on. The downside of the loan, of course, was that each owner's credit depended upon everyone in the building contributing to the loan payment. If one person failed to make payments, the entire building was at risk of foreclosure and everybody's credit would be harmed. The TIC agreement signed by all owners helps address this problem by requiring a reserve fund and spelling out the steps that will take place if one or more owners fail to make monthly housing payments.Hard-to-Get Fractional LoansAfter TICs gained traction in the San Francisco real estate market, local lenders developed the "fractional loan." This is a loan made to individual TIC owners, such that five or six TIC owners who together owned one property could now each get their own separate loan. TIC fractional loans were always more expensive than standard loans in terms of interest rates. But after the housing recession that began in 2007, fractional loans became harder to get and even more expensive than they were. As of early 2010, only three or four fractional loan lenders remained. Interest rates for the loans were being offered up to 2 percent higher than loans for condominiums, loans were only available to the most highly qualified buyers, and loan-to-value ratios were limited to between 65 and 75 percent.Difficulties with Condo ConversionIn cities that allow owners to convert apartment buildings to condominiums with little regulation, there is really no need for TICs. The building can go directly to condominium mapping. But in cities like San Francisco, where regulation is strict and complex, it can take years to transform an existing building to condominiums, if it can be done at all. As of early 2010, one source suggested it was taking 20-plus years to make the transition for three- to six-unit buildings. Rules in San Francisco make it easier to get approval for condominium conversion on two-unit buildings that are already owner-occupied. Larger buildings rarely are permitted to make the change.

Typically, yes, by filing a petition with the court for a Forced Sale. There are a number of different forms of ownership, some of which treat the whole property as one thing, others of which treat each owner's interest separately. If you own property as Tenants in Common, you can sell your interest in the property to someone else without the permission of the other owner(s), absent a separate agreement between you prohibiting such a sale. If you want to sell the whole property and the other owners disagree, you can go to court to petition for a sale. Here is a brief discussion on ownership, from The Pennsylvania Law Monitor, and see the article above from Wikipedia on forced sales.Real Estate Tenancies ExplainedThere are three principal types of tenancies related to the ownership of real estate. Perhaps the most popular, and most familiar, is the joint tenancy. If two persons own a property as joint tenants, upon one person’s death, the other person automatically owns all of the interest in the property. There is no limit on the number of persons that can hold property as joint tenants. If a husband and wife own a property together and add their child to the deed, each will own a one-third interest in the property. Upon one of their deaths, the two surviving persons will each own a one-half interest in the property.In the event that a joint tenancy owner is sued, and a judgment is entered against that owner, the owner’s interest in the property is subject to attachment by the creditor. In addition, any co-owners can bring an action to divide the interest in the property, and attempt to force the other owners to sell their interest.A tenancy in common is where each owner of the property has an undivided interest in the whole of the property. However, upon the death of any owner, his or her share will pass to his or her decedents by will or by intestacy. Unlike a joint tenancy where each owner owns an equal portion of the property, tenancies in common do not require equal ownership. For example, in a tenancy in common, there could be three owners with one owing 50%, one owning 30% and one owning 20%.A form of ownership allowed in many states is the tenancy by the entirety. In this type of ownership, only a husband and wife may own the property. The advantage of a tenancy by the entirety is that, in the event that either the husband or wife is sued (individually), a creditor may not take action against the property while it is held jointly by the husband and wife. In addition, neither the husband nor the wife may divide the ownership by deeding his or her interest to another person. Further, in order for a mortgage to be placed on the property, both the husband and wife must sign the loan documentation.In some states, if there is no tenancy stated, there is a presumption that the owners are tenants in common, and if one person dies, then his or her interest in the property will need to be probated, even if the decedent desired for the property to pass to the surviving co-owner (including the spouse).As you can see from the above, tenancy should not be taken lightly. We recommend a careful review of all property deeds on a regular basis to ensure that the properties are properly held in accordance with your desires.