EXACTLY WHAT DOES TENDANCY IN COMMON MEAN?

JMPACC · Joined: 01 Sep 2008 Posts: 1 1.25 Dollars($)

MY WIFE AND I OWN A DUPLEX WITH MY DAUGHTER AND HER HUSBAND WE OWN IT AS TENANTS IN COMMON WHAT ARE THE OPTIONS OF HOW IT COULD BE SEPERATED SO WE COULD OWN OUR HALF?

helping_user

Welcome JMPACC.

Tenancy in common is a form of ownership wherein the co-owners have equal rights on property but there share of interest may differ. Upon death of a co-owner, his share of interest will be passed on to his beneficiary or heirs. Know about rights under tenancy-in-common .

If you'd no longer continue with the tenancy-in-common form of ownership, then you can obtain a Partition of property. It can be Partition in kind or Partition by sale. The former type involves division of property wherein each owner has control over his share of interest.

Partition by sale is a forced sale of the property when any of the co-owners may not want to sell the home. For this, the co-owner who intends to sell will have to file a Partition Lawsuit with the court.

For both types of division, the co-owner willing to terminate tenancy-in-common needs to appeal to the court for the Partition.

Thanks.

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