3.1 - Introduction to Co-ownership Welcome to Topic 3. In this topic, we're going to look at co-ownership of property. So in the first topic of property law, you looked at the notion of tenure. And the notion of what we're going to look at here is what happens when two or more people and the same piece of land and buildings attached to the land. We will cover .... 1. What is co-ownership and how is it created? 2. What are the rights and obligations between co-owners? 3. How can co-ownership be brought to an end? There are three parts to this topic. So first we're going to have a look at what the concept of co- ownership is and how it's created as a legal construct. Then we're going to have a look at the rights and obligations that exist between the koalas. And then finally, we're going to have a look at how a co-ownership can be terminated or ended. Introduction to Co- ownership This is the first of those three topics. And they either this podcast is really to introduce you to the concept of co-ownership separately. End of this podcast, you'll understand what Cohen ship is. You'll know that we have two types of co-ownership, being joint tenants and tenants in common. And you'll understand the distinction between those two types. And they knew, understand how those different types of co-ownership are created.
What is co-ownership? Tenants in Common Joint Tenancy Joint Tenants VS Tenants in Common E So broadly speaking, co-ownership exists when there is a combined ownership of two or more people about one thing. And so when we look at that and I property low context, then co-ownership is the ownership by two or more persons of the one parcel of real property. For example, could be I pace of land and a half's attached to the land. And there are different types of co-ownership in relation to real property. But as your readings point, apps for this topic, we really only have joint tenancy and tenants in common. So we're going to have a look at the difference between those two types of co-ownership. First, it's useful to just have a general understanding of this concept of co- ownership. Co-ownership Individual ownership Co-ownership Lot 1 Lot 2 Lot 3 Lot 1 Could also be community title (end of semester) So as I said, it's really the ownership by more than one person of one parcel of land. It's not the ownership of individual parcels that may or may not exist in the same area. So that will become a bit clearer as I give you some examples of the types of things that can be co-owned. But you can see here the distinction between individualism, the ship where you've got one person who has ownership of one parcel of land, which we refer to as a loss. This is those three people having a shared ownership of one loved. So the