Tenants in common is a form of property ownership where two or more individuals hold an undivided interest in a property. Each tenant in common has a distinct, proportionate share of the property, which may not necessarily be equal. This means that each tenant in common has the right to use and occupy the entire property, regardless of the size of their ownership share.
Key characteristics of tenants in common include:
1. Each tenant in common has the right to possess and use the entire property.
2. Each tenant in common can transfer or sell their share of the property without the consent of the other co-owners.
3. In the event of one tenant in common’s death, their share of the property passes to their heirs or beneficiaries, rather than to the other co-owners.
4. Tenants in common can have unequal ownership shares in the property.
5. Tenants in common can enter into agreements to manage the property, such as rental agreements or maintenance responsibilities.
Overall, tenants in common provides a flexible form of property ownership that allows individuals to own property together while maintaining individual ownership rights and responsibilities.