A tenancy in common is a form of joint possession of real property. Tenancy in common is the most common form of joint possession. Two or more "tenants in common" each possess a fractional share of the entire property. Although these shares may or may not be equal, each tenant in common is entitled to possess and use the entire parcel of land.
A tenancy in common interest can be transferred at any time during the holder's life, or it can be devised after their death. Tenancy in common is the most favored form of joint possession. Most courts presume that any devise to two or more unmarried persons creates a tenancy in common. If the type of joint possession of real property is unclear, most courts assume a tenancy in common.
There are several ways that you may terminate your tenancy in common. If you want to give up your interest in the property, you may transfer your tenancy in common interest to another person through gift or sale. This will not terminate the tenancy in common, but rather substitutes a third person for you in the tenancy in common.
If you want to retain an interest in the property, but want to terminate your tenancy in common, you have a few options:
An experienced property attorney can help you decide whether to terminate a tenancy in common and which method to use. Your attorney would be able to guide you through the gift or sale of your tenancy in common interest or through the processes of judicial partition and ouster. Your attorney would help ensure that you receive your fair share when terminating a tenancy in common.
Last Modified: 02-11-2014 04:41 PM PSTLaw Library Disclaimer
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