Tenancy In Common
Definition of '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. |
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Investopedia explains 'Tenancy In Common'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. |
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