Kansas Assignment of Interests in Right of Way (Undivided Interest)
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FAQ
Tenancy in Common However, tenants in common still have an undivided interest in the property, meaning that they have the right to use and enjoy the entire property. There is no right of survivorship. If an owner dies, that owner's interests pass on to his or her heirs.
Tenancy in common: A tenancy in common is a form of concurrent ownership between two or more persons, in which each has an undivided interest in the whole property.
An undivided interest means that two or more persons have an interest in a property held under the same title. The undivided interest encompasses the whole property, and its holders have equal rights to the entire property. The undivided interest is not separated into parts or shares.
Community property under California state law, such as real estate purchased during a marriage or domestic partnership, is a joint tenancy arrangement. Each of the owners shares equal interest in the property and are both named on the same deed.
Sale/Liens Any co-tenant may sell or convey his undivided interest in the property, but such sale will only convey an undivided interest, and the buyer or assignee will become a co-tenant with the other owners.
Unlike divided co-ownership, undivided co-ownership is not physically separated into separate private and common portions. If you decide to purchase this type of property, you will be acquiring a percentage of an entire building.
An undivided interest subdivision is a subdivision where owners share undivided interests in the entire parcel of land, and have a non-exclusive right to use the property. An example would be a recreational vehicle park.
Proportional Rights: Each owner's undivided interest is usually expressed as a percentage or fraction that represents their share of the asset. These proportions dictate the division of income, expenses, or any proceeds from the sale of the asset.