Common Ownership Law & Legal Definition
The term common ownership refers to collective ownership of a property by two or more persons. The property is not held in any one's name in particular, but in the names of all the persons. For e.g. under Mississippi condominium law, the owner of a unit within a typical condominium project owns 100% of the unit. In addition, the owner has a fractional or percentage interest in all common areas of the Condominium project. SEC. 89-9-13 of the Mississippi Condominium Law states:
Unless otherwise expressly provided in the deeds, declaration of restrictions or plan, incidents of a condominium grant are as follows:
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(2) The common areas are owned by the owners of the units as tenants in common, in equal shares, one for each unit.
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In addition, SEC. 89-9-15 provides that the common areas shall remain undivided, and there shall be no judicial partition except under certain circumstances.
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