An undivided interest is “An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.”1 For example, assume an asset is owned by four family members through a Tenancy in Common.
Can an undivided interest over a thing be sold?
Sale of an undivided interest of a property only binds the co-owner only up to the portion of his/her interest; consequently he/she can only transfer ownership over the same to other parties.
What is the legal meaning of undivided interest?
Definition from Nolo’s Plain-English Law Dictionary Ownership right to use and possess property that is shared by two or more co-owners. No individual co-owner has an exclusive right to any portion of the property.
What does it mean to have an undivided interest in land?
The main thing to know about being Tenants in Common is that each owner has what is called an “undivided interest” in the parcel. Having an undivided interest means that no one owner has a specific piece of the land, but rather a share (or “interest”) in the entire property.
Can a person sell their undivided interest in real estate?
You have the legal right to sell your undivided property. The problem is finding a market for it. Others may not desire to step into your shoes and have co-owners of your property. Often, people with undivided interests in real estate are handling those interests with relatives or other close associates, which can be tricky.
What are the rights of an undivided interest owner?
As an undivided interest owner you have the right to use and enjoy the entire tract of land, subject to the other undivided interest owners’ right to the same use and enjoyment of the land.
How to divide an undivided interest in real estate in Texas?
Attorney Kari Lutringer answers this question about how to partition or legally divide an undivided interest in real property in Texas. The attorneys of Wadler, Perches, Hundl & Kerlick have decades of experience in real estate and property law.
