Tenancy In Common
A way for two or more people to have equal ownership interests in a property. Each owner has the right to leave his or her share of the property to any beneficiary upon the owner's death. Each party (owner) in a tenancy-in-common agreement has the right to use the property even if the physical size of the stake is different. Investopedia Says:
It is important to understand that tenancy in common is different than joint tenancy because the transfer of the property to a beneficiary in the event of an owner's death is different in each case. In a joint tenancy agreement, the title of the property is passed to the surviving owner, while in a tenancy-in-common agreement, the title can be passed to a beneficiary of the owner's choosing. Related Terms:
Beneficiary
Estate Planning
Incidents Of Ownership
Personal Property
Probate
Property
Real Estate
Total Cost Of Ownership - TCO |