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Tenancy In Common

Tenancy in common is a situation where two or more people own shares in property albeit in unequal shares. Each person has equal rights to use the property and each one has the right to leave their portion of the property to any beneficiary they so desire instead of having to leave it to one of the other co-owners. Tenancy in common situations do not include rights of survivorship. Tenancy in common deeds often show percentages of ownership and are recorded in deeds often referred to as Tenancy in Common Agreements. Regardless of the size of the stake in the tenancy, all tenancy in common owners are allowed to use the property .

Fast Facts

  • Tenancy in common is different from joint tenancy in the respect of the transferring of the property.
  • In joint tenancy if one of the co-owners dies the right of survivorship kicks in; however, in tenancy in common, there must be a named heir or the tenancy goes intestate.

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