Is Tenants In Common Right For You?
Tenants in common allows two or more individuals to hold an undivided fractional share of the property which can be conveyed to a third party. Ownership need not be equal. Title passes through the estate of a deceased owner.
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First off, "two or more individuals", means that you can have an unlimited number of owners, and they need not be married.
"undivided fractional share" means that the individual tenants can not sell, mortgage, or will the entire property without the consent of all the owners.
"which can be conveyed to a third party" means that any of the owners can sell, mortgage, will, or dispose of their share of the property however they see fit.
"Ownership need not be equal" is different than joint tenancy because joint tenancy requires all owners to hold an equal share of the property. As owners, you are able to hold a different percentage of the property. This would be most common for investors.
"Title passes through the estate of the deceased owner." Again this is another difference from joint tenancy because upon death the property must go through probate (a fancy term for the court system) to pass ownership to heirs. This is similar to community property without the right of survivorship.
Because of all of these components, each owner also receives their proportionate share of any tax benefits and appreciation.
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