Undivided Interest (Noun)
Meaning
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.
Classification
Nouns denoting possession and transfer of possession.
Examples
- As joint heirs to the estate, the three siblings held an undivided interest in the family's ancestral home, meaning they shared equal rights to the entire property.
- The undivided interest in the property made it difficult for any one tenant to make changes or decisions without consulting the others.
- The agreement specified that the couple would hold an undivided interest in the vacation home, with each having equal rights to use and enjoy the property.
- In the absence of a will, the siblings inherited an undivided interest in their father's real estate holdings, including the commercial properties and rental apartments.
- The business partners entered into a joint venture, with each holding an undivided interest in the new company, meaning they shared equal ownership and decision-making authority.