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Encyclopedia > Tenants in common

In property law, tenants in common are co-owners of real property that are regarded by the law as each owning separate and distinct shares which may differ in size. Upon death the share of a tenant in common does not pass directly to the survivor or survivors but is instead passed through inheritance. Each tenant in common has unrestricted rights of access to the property. Each tenant can petition for and secure a partition of the property at any time. This form of ownership is common where the co-owners are not married or have contributed different amounts to the acquisition of the property.

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  Results from FactBites:
Concurrent estate - Wikipedia, the free encyclopedia (2003 words)
Tenancy in common is the default form of concurrent estate, in which each owner, referred to as a tenant in common, is regarded by the law as each owning separate and distinct shares which may differ in size.
Tenants in common have no right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass by inheritance to that owner's devisees or heirs, either by will, or by intestate succession.
On the death of one of the tenants, the whole of the property passes to remaining tenant(s); this is the "right of survivorship." The deceased tenant's property interest simply evaporates by operation of law, and cannot be inherited by his heirs (which means it avoids going through probate).
Tenant or Tenants in Common (TIC) Primer (482 words)
Tenants in common ownership may be established in many different ways: through a will, deed, or other document of title.
Many, perhaps most, tenants in common arrangements are created through inheritance whereby the decedent's will leaves property to intended heirs with or without specifying the size of interest that each is to receive.
One of the most attractive features of a TIC structure is that acquiring an interest in investment property as tenants in common does not preclude you from buying investment property on your own in a subsequent 1031 tax deferred exchange.
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