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[kevin oleary]
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Simple English definitions for legal terms
cotenancy
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A quick definition of cotenancy:
Term: Cotenancy
Definition: Cotenancy means that more than one person owns the same property at the same time. For example, if two or more people sign a document saying they own a house together, they are cotenants. This is also called "tenancy in common." Another example is when two or more people rent an apartment together and sign a joint rental agreement.
(See also: cotenants, joint tenancy, tenancy by the entirety)
A more thorough explanation:
Cotenancy refers to the situation where two or more people have ownership or interest in the same property at the same time. In Wisconsin, cotenancy is classified under WI Stat § 700.18 (2019) as when two or more people are named as owners in a document of title, transferees in an instrument of transfer, or buyers in a bill of sale, and are considered tenants in common.
- Two friends buy a house together and both have equal ownership and responsibility for the property.
- A family inherits a piece of land and all the siblings have equal ownership and decision-making power over the land.
- Several business partners purchase a commercial building and each has a percentage of ownership in the property.
- Two roommates sign a joint rental agreement to share an apartment and both have equal rights and responsibilities for the space.
These examples illustrate how cotenancy can occur in various situations, such as personal or business partnerships, inheritance, or rental agreements. In each case, multiple individuals have a shared interest in the same property and must work together to make decisions and manage the property.