Consultation Paper on Accounting and Contribution between Co-Owners of Land
34 Pages Posted: 17 Jul 2011
Date Written: May 27, 2011
Ownership of land is associated with many expenses: property taxes, utility charges, mortgage pages, and insurance premiums to name a few. It can also yield economic returns such as rental income and profits from growing crops. When land is held in co-ownership (joint tenancy or tenancy in common), expenses may not always be borne and economic benefits may not be received in proportion to the co-owners’ interests, or in another manner that is equitable in the particular circumstances. The body of law that governs rights with respect to accounting and contribution between co-owners is surprisingly unclear and archaic. It is also deficient in a number of ways.
Keywords: land, real property, housing, tenancy & neighbours, joint tenancy, Land Title Act, Property Law Act
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