Tenancy in Common
Tenancy in Common is a legal arrangement where two or more people own a property together, but each owns a separate and distinct share of it. Unlike joint tenancy, each owner can have different ownership percentages, and they can sell or transfer their share without needing the consent of the others. In the event of an owner’s death, their share passes to their heirs, not automatically to the other co-owners. This type of ownership is common in real estate investments and can provide flexibility in how property is managed and passed on.
Additional Insights
-
Tenancy in common is a type of ownership where two or more people share a property, each owning a separate, distinct share. Each owner can sell or transfer their share independently, and there is no right of survivorship, meaning if one owner passes away, their share goes to their heirs, not the other owners. This arrangement allows for jointly owned property while maintaining individual ownership rights, making it common among friends, relatives, or business partners who jointly invest in real estate. Each owner's share can be unequal, reflecting their financial contribution or agreement.