Some states define the common tenancy agreement as standard property for married couples, while others use the lease in the common property model. A third model, used in about 25 states and the District of Columbia, is an overall lease (TbyE) in which each spouse has an equal and undivided interest in the property. Leases under joint agreements can be established at any time. An individual can therefore develop an interest in a property for years after the conclusion of a rental agreement. To illustrate the example above, we could say that Sarah and Leticia originally owned 50% of the property. At one point, Sarah decided to split her share by 50% when Debbie left the band with a 25/25/50. The lease agreement, in accordance with applicable law, generally describes the effects of shared ownership on the taxes of a property. The contract defines the contractual distribution of tax debt between each owner. This article introduces you to a third division of the lease, which is the co-ownership of a dwelling with several units by co-owners who each wish to have exclusive rights to use a particular dwelling unit. More information can be found in the article “Understanding Basic Tic Concepts and Structures.” This type of condominium tenant should not be confused with the legal subdivision known as condominiums. As part of a condo project, the land was legally split into physical parts that could be held separately. Each condominium owner owns a certain area of the land, which is delineated on a county registry map, and has an act identifying the area that is individually owned.
On the other hand, tenants of ordinary landlords own percentages, not units or apartments. The right of a particular landlord to use a particular dwelling derives from a written contract signed by all co-owners (often referred to as a tenancy agreement, joint contract lease, tenant in the common contract or as a co-location) not from a deed, card or other document recorded in the county records. In a share co-op or co-op, a corporation, LLC or other corporation owns the property, and the owners of that unit hold units or unit interests, as well as rights to use a particular dwelling (often but not always expressed in a document called leasing property).