Tenants in Common
Definition - What does Tenants in Common mean?
Tenants in common is when two or more people have joint ownership of a piece of real property. Each owner in a tenants in common situation has a right to use and own the whole property, as opposed to just a portion of it. Upon the death of one of the tenants, his or her share of the property goes to his or her estate and is passed on to a beneficiary as opposed to the other tenants.
Justipedia explains Tenants in Common
An example of tenants in common could be three friends who purchase an income property together. In this situation, each owner would have full right to use the whole property. If one of the friends died, then his or her share of the property would be passed on to the beneficiary named in his or her will. Married couples or other family members are often tenants in common. However, it is not necessary to be related or married to be tenants in common.
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