Tenants in common


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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.

Tenants in Common

Two or more persons who own property together with 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. Tenants in common may own equal or unequal shares of the property. This is an arrangement common in joint business ventures: if two persons own an apartment complex and one of them dies, the decedent's share of the complex passes to his/her beneficiaries and does not pass to the other co-owner.
References in periodicals archive ?
It concluded that due to the owners' relationship as tenants in common, fractional property interests should not be considered partnerships, as long as they meet certain conditions.
In Letter Ruling 200625009, a company and a co-owner had acquired a property and operated it as tenants in common.
Senior Director Barbara Bozzacco arranged the ten-year, 7%, fixed-rate refinancing on behalf of Newport Commons Tenants in Common, through a client advised by Lend Lease Real Estate Investments.
In this case, the partnership opts to become tenants in common, rather than a partnership solely for the purpose of the property sale/exchange.
A spouse's death affects the surviving spouse's basis in the principal residence, depending on whether the couple owned the home as community property, joint tenants (tenants by the entirety) or tenants in common.