Difference between revisions of "Tenancy in common"
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'''Tenancy in common''' is a form of [[property]] ownership in which several persons acquire property together and shares in its ownership and rights of use. | '''Tenancy in common''' is a form of [[property]] ownership in which several persons acquire property together and shares 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 (legal document) | + | 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:Legal Terms]] | ||
[[Category:Real Estate]] | [[Category:Real Estate]] | ||
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 shares 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.