Tenancy in common

Tenancy in common,

Definition of Tenancy in common:

  1. 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.

  2. A shared tenancy in which each holder has a distinct, separately transferable interest.

How to use Tenancy in common in a sentence?

  1. It is important that you have a good relationship with anyone that you share a tenancy in common with at all times.
  2. The tenancy in common was interesting and I knew we would have a good time living together in the future.
  3. 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.
  4. 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