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Monday, March 26, 2007

Tenancy in common

A type of ownership where two or more people share ownership of a property, but not necessarily equally.

Even though the owners of a tenancy in common property can have unequal shares of the property, they all have the right to use the entire property. Unlike joint tenancy, tenancy in common doesn't have right of survivorship. So, if one of the co-owners dies, his/her interest passes to an heir(s), not the surviving co-owners. When this happens, probate court is required.
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