EAA Publications
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| The Freshman |
Content
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| A little note on co-owned
properties |
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There are generally two forms
of co-ownership of properties: (1) joint tenancy; and (2) tenancy
in common. The difference between the two involves the right
of succession. Ms Choi's experience of renting flats has taught
her the meanings of joint tenancy and tenancy in common.
The first time she rented a flat from a man and his wife who
held the flat in the form of joint tenancy. When the lease was
signed, the husband said that since the flat was held in joint
tenancy, it would suffice for him to sign the lease alone. Ms
Choi did not give it much thought and signed the lease with
the man. After she had lived there for some six months, the
husband suddenly asked her to terminate the lease because he
was divorcing his wife, who wanted to sell the flat. As his
wife had not signed the lease or authorized anyone to sign on
her behalf, the lease's validity was in question and Ms Choi,
to save herself troubles, moved out of the flat.
The second time she rented a flat which had been held by two
brothers in the form of tenancy in common. The older brother
had died not long before, and Ms Choi thought that the flat
had gone entirely to the younger brother, and signed the lease
with the younger brother alone. Three months later, someone
who claimed to be the personal representative of the deceased
brother's estate came to her and said that as he did not sign
the lease, the lease was not binding on him. But if she would
pay half of the rent to him he would consider letting her stay
in the flat. As Ms Choi saw no end to her troubles and for fear
of any disputes between the remaining brother and the personal
representative of the other, she decided to move out. She moved
in and out twice within a single year.
Regardless of the form of co-ownership, where a property is
jointly owned, no document relating to the property is properly
executed unless it is signed by all the owners (personally or
by an authorized person). If any of the owners should pass away,
the surviving owner may have full authority to dispose of the
property under joint tenancy. If it is tenancy in common, the
situation is more complicated. In addition to the surviving
owner or owners, the personal representative of the deceased
owner's estate also has to sign the relevant document to make
it binding.
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