Concurrent ownership arises when two or
more persons have a right of ownership at
the same time. Concurrent interests normally
fall into two primary categories:
Tenancy in common; and
Joint tenancy.
Concurrent ownership can be disposed of
by agreement of the owners. If concurrent
owners cannot agree as to the disposition of
the property, an application can be made to
the court that then leads to the forced sale
of the property and distribution of
proceeds.
Example of Concurrent Ownership
The buyers, James Jones and Judy Jones,
purchase a home as joint tenants and draft
the offer in both names. Accordingly, the
deed is prepared showing both parties as
owners in joint tenancy. As such, Mr. and
Mrs. Jones have concurrent ownership of the
property.
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