What does “tenants in common" mean?

Posted on: December 2nd, 2016

Tenants in common is a form of joint ownership in which the owners can own equal or unequal portions of the property. For example, Sally, Jane, and Sue own a beach house together as tenants in common. Sally is a 20% owner, Jane is a 30% owner, and Sue is a 50% owner in the beach house. There is no survivorship feature so when Sally dies in a boating accident, her 20% ownership in the beach house will pass to whomever she names in her will or trust (or by state law if there is not will or trust), not necessarily Jane and Sue.

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