Tenants in common
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Tenants In Common
Tenancy in common is a real property joint possession form for two or more people. The number of people who can own the property jointly is unlimited. Once there is unity of possession between the tenants in common, the joint possession of the real property is formed.
Tenancy in common lacks the right of survivorship (where a tenant takes the possession of the property when the other one dies) unlike in the joint tenancy.
Tenants' In Common Rights
Tenants’ relationships in tenancy in common make no difference; they can either be related or unrelated. Husbands and wives or any other individuals can hold ownership in equal or unequal shares. For example, three people can hold ownership at different percentages such as 50%, 30%, and 20%. Upon the death of one of the tenants, his/her percentage interest passes to their rightful heirs.
How to Become a Tenant In Common when you are a Joint Tenant
It is possible for joint tenants to become tenants in common. On top of the survivorship rights in a joint tenancy, the joint tenants are supposed to have four utilities commonly known as TTIP (Title, Time, Interest, and Possession). Every owner is required to have the property’s title (the possessors have identical deeds and similar rights of possession).
In case one of the owners transfers the property’s interest to another party, he/she will break the joint tenancy; leading to the creation of tenancy in common.