11:35
they put a place in the UK second. I don’t trust their methodology
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
common property
Read a random definition: Court of the Lord High Steward of the Universities
A quick definition of common property:
Common property refers to property that is owned by more than one person or entity. This means that no one person has complete control over the property. Common property can include land, resources grown on that land, and even geographic names of places. For example, a group of people may own a farm together, and the crops grown on that farm would be considered common property. Similarly, a homeowners' association may manage a shared pool or park in a neighborhood, which would also be considered common property. Even natural resources like water and oil can be considered common property in certain circumstances.
A more thorough explanation:
Common property refers to property that is owned by more than one entity. This means that no single party has complete control over the property. Common property can be found in various scenarios:
Common property can mean real property that is owned by tenants in common. Tenants in common each have an undivided interest in the entire property, making it common property. For example, farm goods produced on land owned by tenants in common are considered common property. The tenants in common cannot harvest those farm goods without the cotenant's approval.
Common property can also mean property that is managed by a homeowners' association in a subdivision development or a condominium project. In these instances, all owners may use the property, and each owns a specific percentage interest.
Common property can also refer to lands that are owned by the government for public use, such as national parks and forests. These public lands are considered common property owned by a nation's body of citizens. The natural resources on those lands, such as water flowing naturally in a stream, are also common property.
Common property can sometimes refer to the resources deep underneath the surface of land. The property rights to oil and gas deep below the surface belong to the owner or lessee of the land, but these rights are not absolute. They are closer to common property title than to absolute property because these substances only become absolute when they are effectively captured and reduced to possession.
Overall, common property is property that is owned by multiple parties, and no single party has complete control over it. The examples illustrate how different types of property can be considered common property and how the degree of control over the property is limited due to shared ownership.