tenancy in common

tenancy in common

A type of asset ownership for two or more persons in which, upon the death of one owner, his or her share passes to heirs if a will is left or to the estate if no will is left, rather than to the co-owners. Transactions involving the property require written permission of all owners. Compare joint tenancy with right of survivorship, tenancy by the entirety.

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Tenancy in Common

A way for two or more persons to own property together. Tenants in common may own equal or unequal shares of the property, and there are no rights of survivorship. That is, when one of the co-owners dies, his/her share of the property becomes part of his/her estate and passes on to heirs. This is an arrangement common in joint business ventures: if two persons own an apartment complex and one of them dies, his/her share of the complex passes to his/her beneficiaries and does not pass to the other co-owner.

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tenancy in common

Joint ownership of an undivided interest in real property with one or more other people,corporations,or other entities.Tenants in common may each sell their shares to outsiders. If a tenant dies, that tenant's share goes to his or her heirs or as directed in a will. Contrast with joint tenancy, sometimes called joint tenancy with right of survivorship,in which one's death causes the cessation of any interest,leaving the survivors to have undivided interests in the property. See also tenant-in-common properties, which are a specialized investment vehicle using the tenancy-in-common concepts.

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Tenancy in Common

A tenancy in common is form of joint ownership under which two or more individuals jointly own property. Each owns an undivided share of the whole. The shares remain separate even if one party dies. Also see "Joint Tenancy" and "Tenancy by the Entireties."