Tenancy in common is a form of ownership which allows a property to be vested (or held) by two or more people. A tenant in common has the right to sell, convey or transfer his interest in a co-owned property without consent of the other co-owner(s). Thus, one of the following actions must be taken to sever (terminate) the tenants in common co-ownership.
Sell the co-owned property and split the profits according to the percentage of ownership. For this option to be viable, all parties must agree to selling the property.
Buy out the interest of all other co-owners of the property. The tenancy in common will end when a single co-tenant acquires the title, thereby merging the entire interest in one person.
File for a partition of the property to dissolve the relationship. This is a legal action that must be done in court. If the court is unable to divide the property among owners, it will call for the real estate to be sold. The proceeds of the sale will be divided among the co-owners according to the percentage of ownership.
It should be noted that tenant in common ownership will be severed by the death of a co-tenant.
- It should be noted that tenant in common ownership will be severed by the death of a co-tenant.
- "Modern Real Estate Practice"; Galaty, Allaway & Kyle; 1994
- Lawyers: Partition Action
- Fidelity National Title Insurance Company: Common Ways to Hold Title
- keys to the apartments in hand image by S from Fotolia.com