what are "tenants in common"?

    +1  Views: 411 Answers: 3 Posted: 10 years ago

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    Tenants in Common is one of the ways to hold title, to own property, by two or more individuals. Sometimes it is referred to as Tenancy in Common. There is no limit to the number of individuals who can hold title to one piece of real estate. A property held by tenants in common can be owned by two owners or 100+ owners.  

    For example, you and your sister would like to pay cash in an investment together, say a house.  You have more money invested into the house, say 70% to her 30%.  Tenancy in Common allows not only for you to have ownership with your sister, but also as to how many per cent for each of you.  When one of the owner dies, the portion belonging to the deceased does not go automatically to the remaining owner.  Instead, it goes to the heirs of the deceased. 

    However, if you buy a house jointly with your spouse, mostly it's under Tenancy in its Entirety.  When one of the spouses dies, the portion belonging to the deceased shall go to the surviving spouse.

    I believe this is the term used for tenants that were renting under a lease agreement but that ran out and they are still renting but without a new lease, and abiding by the terms of the first lease.
    sounds like people living in the same building.

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