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Simple English definitions for legal terms
Tenancy in Common
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A quick definition of Tenancy in Common:
Tenancy in common is a type of shared ownership of property where each owner owns a share of the property. Unlike joint tenancy, there is no right of survivorship, meaning that if one owner dies, their share goes to the person they selected in their will. Owners can have unequal shares and can freely transfer their share during their lifetime or through a will. All owners have the right to use and occupy the entire property, regardless of their share size. If a property is conveyed to two parties as tenants in common, the language "as tenants in common" should be used. If it is unclear whether a conveyance creates a tenancy in common or a joint tenancy, courts will typically interpret it as a tenancy in common.
A more thorough explanation:
A tenancy in common (TIC) is a type of shared ownership of a property. It is one of three types of concurrent estates, the others being joint tenancy and tenancy by the entirety. In a TIC, each owner owns a share of the property, which may be of unequal size, and can be freely transferred to other owners both during the owner's lifetime and via a will. All owners have the right to occupy and use the entire property, regardless of the size of their share.
For example, if A and B own a house as tenants in common, and A owns 1/3 of the house and B owns 2/3, they both have the right to occupy the entire property. If B sells his 2/3 share of the home to C, A still retains his 1/3 share in the house.
To convey property to two parties as tenants in common, the language preferred by property law is: "O conveys X property to A and B as tenants in common." If a conveyance does not explicitly show an intent to create a right of survivorship, and it is unclear as to whether the conveyor intended to create a tenancy in common or a joint tenancy, courts will typically interpret the conveyance as creating a tenancy in common, rather than a joint tenancy.
In summary, a tenancy in common is a type of shared ownership where each owner owns a share of the property, which can be of unequal size and freely transferred. All owners have the right to occupy and use the entire property, and there is no right of survivorship.