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Simple English definitions for legal terms
Tenants in common
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A quick definition of Tenants in common:
Tenants in common: This means that two or more people own a property together, but each person owns a separate share of the property. For example, if two people own a house as tenants in common, one person might own 60% of the house and the other person might own 40%. This is different from joint tenancy, where each person owns an equal share of the property.
A more thorough explanation:
Tenants in common
Tenants in common refers to a type of property ownership where two or more people own a property together, but each person owns a separate share of the property. Each owner can sell or transfer their share of the property without the consent of the other owners.
For example, John and Jane own a house as tenants in common. John owns 60% of the property, and Jane owns 40%. If John wants to sell his share of the property, he can do so without Jane's permission. However, Jane still owns her 40% share of the property.
Another example is if three friends, Tom, Sarah, and Mike, decide to buy a vacation home together as tenants in common. Tom owns 50% of the property, Sarah owns 30%, and Mike owns 20%. If Sarah wants to sell her share of the property, she can do so without Tom and Mike's permission. However, Tom and Mike still own their respective shares of the property.
Tenants in common is a way for multiple people to own a property together while maintaining separate ownership of their share. This means that each owner has the right to sell or transfer their share of the property without the consent of the other owners. The examples illustrate how tenants in common works in practice, showing how each owner has a separate share of the property and can sell or transfer that share independently of the other owners.