Difference between revisions of "Tenancy in common"

Latest revision as of 21:06, January 26, 2019

Tenancy in common is a form of property ownership in which several persons acquire property together and share in its ownership and rights of use.

Unlike a joint tenancy or a tenancy by the entirety, none of the "four unities" (time, title, interest, and possession) are required: each co-owner can obtain a partial ownership at different times, with different percentages of ownership and rights of use. Also, if one co-owner dies, the remaining co-owners do not automatically inherit that co-owner's interest in the property, but it passes according to either the deceased's will or the intestate probate laws of the state.

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-Tenancy in common is a form of property ownership in which several persons acquire property together and shares in its use or rents.  Each can sell or convey his interest separately from the other owners.  Each has a right to use the entire property.  There is no right of survivorship, i.e., other tenants do not automatically obtain their co-tenant's interest when he passes away.
+'''Tenancy in common''' is a form of [[property]] ownership in which several persons acquire property together and share in its ownership and rights of use.
-Other forms of property ownership are [[joint tenancy]] and [[tenancy by the entirety]].
+Unlike a [[joint tenancy]] or a [[tenancy by the entirety]], none of the "four unities" (time, title, interest, and possession) are required: each co-owner can obtain a partial ownership at different times, with different percentages of ownership and rights of use.  Also, if one co-owner dies, the remaining co-owners do not automatically inherit that co-owner's interest in the property, but it passes according to either the deceased's [[will (legal document)|will]] or the intestate probate laws of the state.
+[[Category:Legal Terms]]
+[[Category:Real Estate]]