Co-ownership refers to the legal sharing of property between two or more parties. Each co-owner has a defined share of the property, and the terms of ownership are typically outlined in a co-ownership agreement. The property can be jointly managed, and responsibilities such as maintenance, taxes, and repairs are shared according to the agreement.

Co-ownership allows individuals to pool their financial resources, making property ownership more affordable. It also reduces the burden of property-related costs, such as maintenance and taxes, since these are shared among the co-owners.

Yes, co-owners can have unequal shares of ownership under a tenancy in common arrangement. The ownership percentages are typically outlined in the co-ownership agreement and reflect each person’s financial contribution to the purchase.

If a co-owner wants to sell their share, they can offer it to the remaining co-owners first (depending on the agreement). If no agreement prevents it, they may sell their share to a third party. However, this process may involve legal steps to formalize the transfer of ownership.