Tenancy-in-common is a form of property ownership in which two or more individuals have equal right to possess the property. But each owner holds separate ownership interest in the same property.
The owners in tenancy-in-common arrangement have unequal interest in the property. They may have received their shares at different times by different means like a grant, will, deed, etc. But what differentiates tenancy-in-common from other types of co-ownership is that there isn't any Right of Survivorship. That is, upon a co-owners death, his property interest will pass on to his heirs. The share of the deceased may also pass on to those named in the will but not to the other co-owner.
[b:aec7b64eac]Rights under Tenancy-in-Common[/b:aec7b64eac]
Each of the co-owners in tenancy-in-common is responsible for his share of expenses, taxes and payments for home repair. Even if one co-owner makes all payments, the other must pay him off or else, a lien will be created against his interest in the property. The other co-owner has to pay down the cash to free his property interest from the lien. Moreover, if a co-owner pays for home improvement, the others should compensate the costs or the increase in property value, whichever is less.
A co-owner can sell off his property interest, or give it away to someone he prefers. He does not require the consent of other owners. The property share may also be given away to the person of his choice at his death. This is known as the act of Conveyance. On account of this right, the debt of each co-owner creates a lien on his share of property, but it does not affect the common property or the shares held by other co-owners.
Tenancy-in-common allows a co-owner to terminate joint ownership by an agreement. The co-owner may divide the property into separate ownerships. He can also file a court action for partition. The court will either divide the property into each owner's share or sell it and distribute the sale proceeds among the co-owners.[/list:u:aec7b64eac]
Related Forum Discussion[list:aec7b64eac][*:aec7b64eac]Right of Survivorship[/list:u:aec7b64eac]