Can a tenant in common own more than half of a property?

Tenants in common own a piece of property at the same time. However, their shares do not have to be equal. For example, one person may own one-half of the property and two other people may each own one-fourth of the entire property. Even if one’s share is less than that of another, each co-tenant has the equal right to possess or use the property.

What do you need to know about tenancy in common?

Key Takeaways 1 Tenancy in common is an arrangement in which two or more people have ownership interests in a property. 2 Tenants in common can own different percentages of the property. 3 Tenants in common can bequeath their share of the property to anyone upon their death.

Can a tenant in common be transferred in a will?

A tenant in common’s share can also be transferred in a will. If the tenant in common does not have a valid will at the time of death, their fractional share of the property must be distributed according to probate laws. Tenants in common do not have the “right of survivorship” as in a joint tenancy.

Can a spouse unilaterally sever a tenancy in common?

One of the spouses cannot unilaterally sever the tenancy. Tenants in common own a piece of property at the same time. However, their shares do not have to be equal. For example, one person may own one-half of the property and two other people may each own one-fourth of the entire property.

What happens to the land in a tenancy in common?

In a tenancy in common, the owners each have the right to use and enjoy the land, each may transfer their property interests when they choose and when they die, their property interests pass to their heirs.

How is a tenancy in common severed divided?

There are two general types of partitions. The first is a partition in kind. This is the physical division of land. The court determines how to divide the property based on the ownership interest of each tenant in common. This may be easier when the property consists of several tracts or acres.

What do you need to know about tenants in common?

Contract terms for tenants in common are detailed in the deed, title, or other legally binding property ownership documents. When two or more people own property as tenants in common, all areas of the property are owned equally by the group. The co-tenants may have a different share of ownership interests.

How many shares does a tenant in common have?

By contrast, tenants in common may hold unequal shares. For example, one tenant in common may have a one-fourth interest, a second owner may have a one-fourth interest, and a third owner may have a one-half interest. John Stevens has been a writer for various websites since 2008.