Four investors — Wanda, Xavier, Yolanda, and Zack — purchase a commercial building in Spartanburg, South Carolina as tenants in common. Wanda owns a 40% interest, Xavier owns 30%, Yolanda owns 20%, and Zack owns 10%. The property generates $10,000 per month in rental income. Yolanda moves into one of the units without paying rent. Which of the following statements is most accurate under South Carolina law?
Correct Answer
B) Yolanda may occupy the property but must pay the other co-tenants their proportionate share of the fair rental value
Under South Carolina common law governing co-tenancy, each tenant in common has the right to possess and use the entire property. However, a co-tenant who exclusively occupies the property to the exclusion of others may be required to pay the other co-tenants their proportionate share of the fair rental value for the occupied portion. This is known as the duty to account for ouster or exclusive use. While Yolanda has a right to possess the property, she cannot enjoy exclusive occupancy without compensating her co-tenants for their lost use of that space.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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