Posted on: 05th Apr, 2004 01:38 am
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.
Rights under Tenancy-in-Common
Related Forum Discussion
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.
Rights under Tenancy-in-Common
- 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.
- 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.
- 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.
Related Forum Discussion
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?
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 refinance 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
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 refinance 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
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-owne 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.
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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.
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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?
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.
does tenancy in common affect property value?
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.
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.
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?
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
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
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?
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.
how do i give away my 1/3 portion of sale of parents home to a sibling
hi guest,
if you want to transfer the property, then you can sign a quit claim deed 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.
if you want to transfer the property, then you can sign a quit claim deed 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.
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?
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.
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.