What is Tenants in Common

Tenants in common is a form of property ownership where two or more individuals, known as tenants in common, own a property together, but each individual owns a separate share or interest in the property. Each tenant in common has the right to sell, mortgage, or transfer their share of the property without the consent of the other co-owners.

In a tenancy in common, each tenant can own an equal or unequal share of the property, and each tenant's share can be sold or passed on to their heirs through a will or estate plan. This means that tenants in common have more flexibility and control over their share of the property than tenants in a joint tenancy, where each owner has an equal share and the right of survivorship (i.e., the surviving owner automatically inherits the other owner's share).

Tenants in common can be useful in situations where individuals want to own a property together but have different investment levels or long-term goals. For example, if one tenant in common wants to sell their share of the property, they can do so without the agreement of the other tenants, allowing for greater flexibility in investment decisions. Additionally, tenants in common can help to ensure that each co-owner's heirs inherit their portion of the property according to their wishes, rather than having it automatically pass to the other co-owner