Tenancy in common,
Definition of Tenancy in common:
Joint-ownership of property by two or more related or unrelated entities (co-tenants) in equal or unequal shares. Each co-tenants share is undivided: no co-tenant has exclusive right to any portion of the property and each has equal right to possess the whole property. Unlike in a joint-tenancy, no co-tenant has right of survivorship: the share of a deceased co-tenant passes on to his or her heir (or as willed) and not to the surviving co-tenant(s). All decisions to develop, mortgage, sell, or use the property may only be made collectively by all co-tenants. Any co-tenant (or his or her creditor), however, may petition the courts to partition the property in settlement of a claim. See also undivided interest.
A shared tenancy in which each holder has a distinct, separately transferable interest.
How to use Tenancy in common in a sentence?
- It is important that you have a good relationship with anyone that you share a tenancy in common with at all times.
- The tenancy in common was interesting and I knew we would have a good time living together in the future.
- After the two friends fought for months all that they had in the end was tenancy in common and neither had exclusive rights over the property.
- If someone is buying a property with a friend or relative, ownership can be held through joint tenancy or tenancy in common.
Meaning of Tenancy in common & Tenancy in common Definition