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Tenancy-in-Common

[TEN-uhn-see in KAH-muhn]

What is the definition of Tenancy-in-Common?
A form of co-ownership where each owner holds an undivided interest in property, and upon death, their share passes to their heirs or beneficiaries rather than to the other co-owners.
Using Tenancy-in-Common in an Example

In a tenancy-in-common, three siblings inherit a piece of land from their parents. Each sibling owns an equal, undivided share of the land. If one sibling passes away, their share of the land would be inherited by their designated heirs, not automatically distributed among the surviving siblings.

Using Tenancy-in-Common in a sentence

When discussing the property investment, the lawyer mentioned that opting for a tenancy-in-common arrangement might be beneficial, as it allows individual ownership portions to be passed down to heirs.

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The period of time during which the conditions of a contract are to be executed or are in effect.
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