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 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. |
| − | + | Such a tenancy differs from a [[joint tenancy]] or a [[tenancy by the entirety]] in that there is no right of survivorship, i.e., other tenants do not automatically obtain their co-tenant's interest when he passes away. In addition, a tenancy in common does not require equal interest by all co-owners. | |
[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
| + | [[Category:Real Estate]] | ||
Revision as of 03:17, January 7, 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.
Such a tenancy differs from a joint tenancy or a tenancy by the entirety in that there is no right of survivorship, i.e., other tenants do not automatically obtain their co-tenant's interest when he passes away. In addition, a tenancy in common does not require equal interest by all co-owners.