At 1031 Exchange Place, we have seen that a common dispute among tenants in common is the management and use of the property. Tenants in common are individuals who own a specific percentage of property together, and while this can be a great way to pool resources and invest in real estate, it can also lead to disagreements.
One common issue is deciding how to manage the property, such as who is responsible for repairs and maintenance, and how expenses are divided. Some tenants in common may have different ideas about how the property should be used or developed, which can lead to conflicts about renovations, leasing, or selling.
Another common dispute is related to access and use of the property. Tenants in common have the right to use and occupy the property, but conflicts can arise if one tenant wants to use the property in a way that others disagree with, or if there are disputes over who has the right to use certain areas of the property.
To avoid these disputes, it is important for tenants in common to establish clear guidelines for the management and use of the property, as well as a process for resolving conflicts. This can be done through a written agreement, such as a co-tenancy agreement, which outlines each tenant’s rights and responsibilities and provides a framework for decision-making. Seeking legal advice can also be helpful to ensure that all parties are clear about their legal rights and obligations as tenants in common.