Can a tenant in common own the estate?

The Iowa Supreme Court has stated, “Ordinarily a lease of the entire estate by one tenant in common is not binding on other tenants in common who have not authorized or ratified it.” [i] This general rule would mean that your nephew would likely have no rights under the purported lease, as against you and your sister.

Can a brother and sister share in rent?

In other words, at a minimum, you and your sister would each be entitled to receive a one-third share of any rent received by your brother for your nephew’s use of the property. The more important question you are asking, however, is whether the lease signed between your brother and your nephew is enforceable against you and your sister.

How does intestacy affect tenants-in-common property?

The intestacy laws of the state where the decedent lived at the time of death would govern if the tenant-in-common property isn’t real estate. Otherwise, the intestacy laws of the state where the real estate is located would govern, even if those laws are different from the laws of the state in which the decedent died.

Can a joint tenant be a tenant in common?

If two or more people own a property jointly, this can either be as joint tenants or tenants in common. A property owned as joint tenants will be owned as a whole by all of the owners, with no one having an identifiable share.

What happens when two people own a property as tenants in common?

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.

Who is entitled to undivided interest in shared home ownership?

The best discussion of this issue, outside the context of married couples is Powell v. Commissioner, T.C. Memo 1967-32. In this case, the taxpayer owned property as tenants in common with five siblings. Thus, her undivided interest in the property was one-sixth.

How does shared ownership of family property work?

Each of them is allowed to transfer, gift or bequest their respective 1/3 shares as they see fit. Thus, Sam could gift his share to his children, and Jane and Nick would then jointly own the property with their niece and nephew. Tenants in common require that all property decisions be decided unanimously.