Real Estate Ownership: Tenancy in Common

Flashcards covering the key aspects of tenancy in common ownership.

Tenancy in Common

An individual interest in group ownership where ownership interests can be unequal and each party has an undivided interest in the property.

Undivided Interest

Each party shares possession of the entire property.

Inheritability in Tenancy in Common

The ownership share of a tenant in common goes to their heirs, not the other owners.

TC (Tenancy in Common)

An acronym to remember that tenancy in common interest goes to the children.

Unequal ownership

Ownership can be divided unequally among owners. For example, one owner may have one eighth interest, another one half interest and another three eights interest.

Inheritance

Upon the death of a tenant in common, the ownership interest passes to the heirs of the deceased tenant, and not to the surviving tenants in common.