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Simple English definitions for legal terms
coowner
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A quick definition of coowner:
A coowner is someone who shares ownership, possession, and enjoyment of property with one or more people. This means they all have equal rights to use and benefit from the property. Coowners can be tenants in common, joint tenants, or tenants by the entirety.
A more thorough explanation:
Definition: A coowner is a person who shares ownership, possession, and enjoyment of a property with one or more others. This can include being a tenant in common, a joint tenant, or a tenant by the entirety.
Examples:
- Two friends who jointly own a vacation home are coowners of the property.
- A married couple who jointly own their home are coowners of the property.
- Business partners who jointly own a commercial building are coowners of the property.
These examples illustrate how coowners share ownership and responsibility for a property. They may have different percentages of ownership, but they all have the right to use and enjoy the property.