Kiritsis & Associates

 

What are tenants in common?

Jul 16, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M


Generally, tenants in common refer to a tenancy of two or more persons on a property that have no right of survivorship. Most jurisdictions usually would treat a tenancy in common as a type of a concurrent state. This is largely based on the presumption that each tenant in common entered into a property transaction with the expectation of having a separate and distinct part of the same property. Depending on the jurisdiction and local legal customs, the tenants in common could own equal shares in the property or upon agreement may own shares of the same property. A tenant in common is usually allowed a chance to try to partition of the property, which results in the evisceration of the joint tenancy. Given the different laws across the country regarding tenancy in common, it is usually a good idea for married couples to have a valid and properly execute will, in the event the other spouse passes away. Depending on the jurisdiction, a specific language may not be necessary for the creation of the tenancy in common. 

 

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