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Tenancy-In-Common

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]
[list:aec7b64eac][*:aec7b64eac]Co-ownership Responsibilities:

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.

[*:aec7b64eac]Conveyance:

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.

[*:aec7b64eac]Partition:

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]

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Six years after the fact of buying a house in Georgia I notice that the Warranty Deed does not really specify ownership directly. We did not have an attorney present for our closing..big mistake on my part. In structuring a LRT or Will now, I need to know which way to go, on the banks verbal statement of Tenants in Common in order to assure that my husband's half does not go to his heirs since this is our thrid marriage each. I have solely paid the down payment & mortgage payments, taxes etc...I realize that my husband is still responsible for the Loan...but which way is the easiest, a Quit Claim or Spousal Transfer of the property...hopefully avoiding Probate. Georgia is not specific...in their laws regarding this. If my husband 'let's the bank have his share...where does that leave me?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lilly.

Welcome to the forum.

Your husband can simply quitclaim his share of the property to you. He can even want his share of the equity from you. If the property is still mortgaged then you should better [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage on your name only. BTW you need to take confirmation from the lender before your husband quitclaims to you.

Feel free to ask if you have ant further questions.

Best of luck,
Larry

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janvi.jikla's picture
janvi.jikla | Joined: July 25, 2008 06:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The acronym “TIC”, which stands for tenancy in common, along with the terms “cotenancy” and “fractional ownership”, refer to arrangements under which two or more people co-own a parcel of real estate without a “right of survivorship”. This type of co-ownership allows each co-owner to choose who will inherit his/her ownership interest upon death. By contrast, the type of co-ownership called “joint tenancy” requires that each co-owner’s interest pass to the other co-owners upon death.
A way two or more people can own property together. Each can leave his or her interest upon death to beneficiaries of his choosing instead of to the other owners, as is required with joint tenancy. In some states, two people are presumed to own property as tenants in common unless they've agreed otherwise in writing.

[size=9:b4ce8f2992][color=Red:b4ce8f2992][Link deleted as per the forum rules][/color:b4ce8f2992][/size:b4ce8f2992]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own 2/3 interest in property, sibling owns 1/3. Would like to bring property up to code to rent but sibling broke. Can loan sibling money with interest - has bad debt and sibling pay me from prorata rent. Sibling says entitled to rent with no contribution to expenses -house in poor condition now - not rentable unless camping in house. Sibling right?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As a owner of the property, I guess the sibling is entitled to get a portion of the rent. However, I would suggest you to contact a real estate attorney and take his opinion on this.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

does tenancy in common affect property value?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Seini,

Tenancy in common is just a form of ownership. It does not affect the value of the property. Such a property is considered as a single property and has a single assessed value. The value is not supposed to change unless any of the tenants sell or transfer his/her share in the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My boyfriend and I are buying a house together. I think that Tenants in Common is the way to go on the title. If we do this, can we then later change it to joint tenancy if we marry?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LauraLi,

As far as I know, you would be able to change the deed after your marriage to joint tenancy with rights to survivorship. You may contact a real estate attorney and he would help you in changing the ownership of the property.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own property TIC with 11 cousins. We want to divide the property. First we would like to cut timber - then divide the proeprty. Half want to clear cut and half wants to keep some trees. What is the best way to go about doing this?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It would be better if you and your cousins can contact a real estate attorney and take his opinion in this regard. He will guide you in a better way which will help you in dividing the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how do i give away my 1/3 portion of sale of parents home to a sibling

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If you want to transfer the property, then you can sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] in your sibling's favor. If you want to give the money from the sale proceeds to your sibling, then you can go for a gift transfer.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I inherited a house with my brother. It is a TIC. Is there a way to know if he gets a mortgage on the property or more importantly, if he takes out a home equity or some other kind of loan on the property? Would either appear in the property records. If he takes out a loan, would I be responsible in any way?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome oppi,

Your brother can get a mortgage in his name provided he has a good credit score and income. If your name is not on the loan, then the lender can't come after you in order to recover their dues.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ex took me to court to force sale of TIC property (vacant land)
Has not paid taxes for 3 consecutive years. State forecloses in 2 yrs.
I paid all the taxes to maintain ownership of my own land.
Can the court grant me sole ownership of the land?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Debba,

The court may grant you the sole ownership of the land. However, your ex-huband will have to sign the deed in order to grant you the ownership of the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Cape Cod in MA; 5 siblings Tenant-in-Common Deed.
Property consists of a main house, and two rental units. Our (now deceased parents) used rents to pay real estate taxes, insurance, and mortgage, and we were assured that that would continue. For the past 12 years, two of the owners have rented these units, but will not disclose how much the rents are, and have said that the rents are not able to cover the real estate taxes. In 2010, the three other siblings learned that the real estate taxes had not been paid for over 6 years.. They had to paid the real estate taxes, our of their own resources..
Are all owners legally entitled to a portion of the rental income(s)?

Thank you
Sally Smith

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sally,

If all the 5 siblings are the owners of the property, then they all have the rights to get a share of the rental income.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you for your prompt reply. I hoped that was the answer!

Sally

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You're welcome, Sally... It's good to note that the forum was of help to you!! :)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiance and I bought a house in 2008. He paid $100K down payment. We took title as TIC with ROS. When we broke up a year later, house was worth almost exactly $100K less than we purchased for. I refinanced into my name only and signed promisory note to repay $100K over 6 years. Also quit claimed to each other as TIC. Now the market came back, I want to sell. I will basically get $15K after paying off my mortgage and $80K to ex-fiance. But will I have to pay capital gains on $15K or $105K?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You will be liable for paying capital gains taxes only if you earn profit from selling of the property. You should contact a tax adviser and he will help you better in this regard.

Thanks

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