Tenants In Common

Tenants in common are the co-owners of a property. Any number of people can own the same property. So this means that two people can be tenants in common or 100 can be tenants in common. These people do not have to be related to each other. An interesting aspect of tenants in common is that ownership of a property does not have to be equal for each party. One person may own 50 percent of the property, while two others own 25 percent each. If one tenant in common passes away, the other tenants in common still own the same shares of the property that they did when the decedent was alive. The deceased tenant in common’s share of the property transfers to the whomever the decedent designated in his or her will. One or all tenants in common can live in a property, but none can be excluded.