Tenancy In Common Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Tenancy In Common, written in plain English, along with examples of how it is used.
What is Tenancy In Common?
It is the ownership of the personal or real property held by two or more people, not neccesarily spouses or family members, and may be having unequal shares in terms of the size of the property. Still, all the different owners have equal rights to the property and have right to sell, purchase orm develope their share of ownership without the consent of other holders. But there is no right to survivorship and thus the property of the deceased owner goes to his/her heir.