What does it mean to hold property as “tenants in common”?

Tenancy in common is a form of ownership which is made distinct from other forms of ownership between or among multiple owners (i.e. joint tenancy and tenancy by entireties) by several factors. Primarily, tenants in common do not have to own equal shares of the property – one tenant can own 30%, another 50%, and the other 20%. Additionally, tenants in common can be added at any time during the ownership of the property – even 20 years after three people began holding property as tenants in common, a new tenant can obtain interest on the property. Finally, it is important to note that tenants in common do not have to be legally married or related to hold their property as such.

As a tenant in common, one retains full right to sell their portion of the property, bypassing the need for permission from the other tenants. And, when an individual holding property as a tenant in common dies, his/her portion may pass to the decedent’s named heirs.

The attorneys at Bach, Jacobs & Byrne, P.A. are licensed real estate title and closing agents and can assist you in the sale, purchase, or re-titling of your real property. Call us today at (941) 906-1231.