What does co-ownership mean?
Co-ownership means sharing ownership of something—like a home—with other people. Everyone owns a portion and shares responsibilities.
Co-ownership means that two or more people share legal ownership of a property. Each person owns a portion—whether it's 50/50 or split among several people—and everyone agrees to share the costs, responsibilities, and use of the property.
In the case of a vacation home, co-owners might take turns using the home, split expenses like maintenance and taxes, and make decisions together about how the property is managed. Co-ownership gives people a way to enjoy a property they might not be able to afford on their own, while also sharing the upkeep and maximizing its use.
