Tenants in common is a home ownership. Tenants in common is used primarily when there is more than one owner and the parties are not related or have not equally contributed to the financing of the premises. It assures that when one of the partners dies that his share goes to the person he designated as his heir, not automatically to the other owner or owners as would be the case in a joint ownership agreement.
Any number of people can be on a tenants in common agreement. They need not be related to each other. Each party can own a different percentage of the property.
All of the owners have the same rights to access the property no matter what is their ownership percentage. The income from a property is split between all of the owners according to their ownership percentage. Each owner is responsible for paying her share of the expenses based on the percentage of her ownership.
All of the owners have to agree in order to sell the property. Individual owners can sell their percentage to anyone they choose. If an agreement cannot be reached, one of the owners can request a court order to sell the property and if one is issued, the property will be sold and the proceeds divided according to each owner's percentage of ownership.
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