Changes

'''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 probate laws of the state.

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]]