Legal Question in Real Estate Law in California
Property control
If I own 2/3 of a property Do I have Control as too the rent's.
2 Answers from Attorneys
Re: Property control
let me know the type of tenancy you hold title in, as well as more facts on your particular situation. i may be able to assist you further.
Re: Property control
You probably hold as a tenant in common. As far as I know, a 2/3 interest in any other form, such as joint tenancy, is impossible. One can be a 1/3 owner as joint tenant with two others (1/3 each), but never 2/3.
The answer to your question is NO, at least as a real-world, practical matter.
The reason is that all tenants in common have undivided interests in the entire property, and are entitled to shared possession with all the other owners.
Therefore, it takes unanimous consent to turn full possession over to a tenant, absent a contract between the co-tenants for one to manage the property on behalf of the others.
Anyone you leased to, at whatever rate, would receive no more than YOUR right to possession; that's all you have to deal with.......your co-owner ALSO has a right of possession, even with only a 1/3 interest. Therefore, without the co-owner's cooperation, all your lessee would get is the right to be the co-owner's housemate, which is not very practical.
Therefore, the co-owners must cooperate, or partition the property.
If you forcibly deny your co-owner his right of co-possession, that is an ouster and you will be liable for damages if sued.
I know of many instances where one tenant in common has in effect taken over possession and management of a co-owned property, but this depends on the other co-owner(s) being lax and acquiescing. If the other owner(s) are assertive they will make a mess of an attempt by one co-owner to lease the property to an outsider.