Legal Definitions - cotenant

A cotenant is an individual who shares ownership or a legal right to possess and use a piece of real estate with one or more other people. Each cotenant holds an undivided interest in the entire property, meaning they have a right to the whole property rather than a specific, separate portion of it.

Here are some examples to illustrate this concept:

• Inherited Family Farm: After their grandmother passes away, three cousins inherit her sprawling farm property. Since the will states they are to share ownership equally, each cousin becomes a cotenant. They all have a shared legal interest in the entire farm, including the land, farmhouse, and barns, even if only one cousin decides to live there or manage its operations.

  This illustrates cotenancy because the three cousins collectively hold the ownership interest in the real property, with each having a right to the whole, not just a specific section.

• Business Partners Owning an Office Building: Two entrepreneurs decide to purchase an office building together to house their separate businesses and rent out additional space. They both sign the deed as owners. In this scenario, each entrepreneur is a cotenant of the office building. They jointly hold the legal title and share the rights and responsibilities associated with the entire property.

  This example demonstrates cotenancy as the two business partners share a legal interest in the commercial real estate, making them co-owners with rights to the entire building.

• Unmarried Couple Buying a Vacation Condo: A couple who is not married decides to buy a vacation condominium together as an investment and a place to relax. They both contribute to the down payment and mortgage, and their names appear on the property deed. They are both cotenants of the condominium, sharing the rights to use, enjoy, and potentially sell the entire unit.

  Here, the couple are cotenants because they jointly hold the interest in the real property (the condo), sharing all rights and responsibilities related to it.