Tenancy in Common

Tenancy in common is an arrangement where two or more people share ownership rights in a property or parcel of land. The property may be commercial or residential. When a tenant in common dies, the property passes to that tenant’s estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate. Contract terms for tenants in common are detailed in the deed, title or other legally binding property ownership documents.

Tenancy in Common VS Joint Tenancy

Although they sound similar, tenancy in common differs in several ways from a joint tenancy. In a joint tenancy, tenants obtain equal shares of a property with the same deed at the same time.