tenancy in common


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Related to tenancy in common: Joint tenancy, tenancy by the entirety

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.

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.

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.

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."
References in periodicals archive ?
For the typical tenancy in common, undivided land will be worth more than the sum total of its aggregate parts.
What is striking, however, is the extent to which heirs of identity property--real life Anns and Robs--appear willing to voluntarily restrict their own right of exit and to rewrite the other default rules of a tenancy in common.
The law of tenancy in common mostly positions co-tenants to act as independent operators.
71) The individuals involved in these sorts of households have to manage relationships between co-occupants, co-owners, and between co-owners and occupants (72) (or, in the parlance of a tenancy in common, the co-tenants in and out of possession).
The loan documents and the tenancy in common agreement should be written to allow the lender to deal only with the manager.
These recommendations comply with rating agency guidelines for tenancy in common transactions.