Tenancy in common

A kind of joint ownership in which each owner has an undivided stake in the real property as if they were the single owner. This type of ownership is also known as "one-half ownership." Each person has the liberty to go their own separate way. There is no right of succession amongst tenants in common, as opposed to joint tenants, and owners might have different levels of interest in the property.

Tenancy in common is a form of property ownership where two or more people share ownership rights of a property. Each owner has a specific ownership interest (which can be equal or unequal shares) and the right to use the entire property, regardless of their ownership percentage.

The ownership shares don’t have to be equal. For example, one person could own 75% while another owns 25%, based on their financial contribution or mutual agreement.

Each owner can sell, transfer, or will their share of the property to anyone they choose without requiring permission from the other owners. This differs from joint tenancy, where owners typically need agreement from all parties to sell.

If an owner dies, their share passes to their chosen heirs through their will or trust, not automatically to the other owners. This makes it a popular choice for blended families or investment partnerships.

Tenancy in common could be good for these scenarios.

Friends pooling money to buy a vacation home
Unmarried couples purchasing property together
Business partners investing in commercial real estate
Family members inheriting property who want to maintain separate ownership interests

Real Estate Aids