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Tenants in Common

   Also found in: Legal, Encyclopedia 0.01 sec.
Tenants in common
Account registration in which two or more individuals own a certain proportion of an account. Each tenant's proportion is distributable as part of the owners estate, so that if one of the account holders dies, that owner's heirs are entitled to that proportional share of the account.

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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So, the simpler option - tenants in common - means sole ownership of your home will go your survivor.
If one tenant in common wants to sell, the other tenants in common have the option to vote to sell, not sell or buy the individuals shares.
A tenant in common can also generally sell his interest in the property without the permission of the other tenants in common (some restrictions may apply).
 
 
 
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