Tenancy in common is a legal arrangement in which two or more parties share ownership rights in a real estate property or parcel of land. Each independent owner may control an equal or different percentage of the total property, whether commercial or residential. The parties are known as tenants in common.
Some of the features of tenancy in common are:
Tenants in common can own different percentages of the property, such as 50/50, 60/40, or 25/75.
Tenants in common can bequeath their share of the property to a named beneficiary upon their death, instead of passing it to the surviving co-owners.
Tenants in common can sell or transfer their share of the property to another party without the consent of the other co-owners.
Tenants in common have equal access and rights to the entire property, regardless of their ownership percentage.
What is tenancy in common?
Prashanth
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2023-09-20T08:46:51+00:00 2023-09-20T10:05:45+00:00Comment
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