Legal Definition and Related Resources of Tenancy In Common

A joint interest in which there is unity of possession but separate and distinct titles; the relationship exists where property is held by several distinct titles by unity of possession and is not an estate but a relation between persons, the only essential being a possessory right , as to which all are entitled to equal use and possession. See De Milk v Cargill, (Okl.) 485 P.2d229, 58 A.L.R.3d 1042.

This is the opposite of joint tenancy in that the tenants in common each have a definite share in the property. The parties could own the property in equal shares, or, for example, one party could own one third with the other owning two thirds. This is the most appropriate arrangement where people want to own property on separate pre-determined shares (for example, the parties have made different financial contributions.

Browse or run a search for Tenancy In Common in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Tenancy In Common in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Tenancy In Common in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Tenancy In Common in the Legal Abbreviations and Acronyms Dictionary.

You might be also interested in these legal terms:

Mentioned in these terms

Co-tenant, Co-tenancy, Tenancy.

See also

Tenants In Common in the American legal Encyclopedia

Tenancy-in-Common Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Tenancy-in-Common in a way that is easy for anybody to understand: Co-ownership of property. In a valid tenancy-in-common, a deceased co-owner’s title passes to his or her heirs without being included in the estate of the deceased co-owner.

Concept of Tenancy in Common in the context of Real Property

A short definition of Tenancy in Common: An undivided ownership in real estate by two or more persons. The interest need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exist.

Concept of Tenancy in Common in the context of Real Property

A short definition of Tenancy in Common: An undivided ownership in real estate by two or more persons. The interest need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exist.