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Here are a few of the most common types of home co-ownership scenarios , along with how each situation could affect your sale: Tenancy in Common. A tenancy in common is one situation where multiple people can own the same home. You also don’t have to be married to enter into tenancy in common.
If so, you need to understand the two main ways that people buy property together: joint tenancy and tenancy in common (TIC). For example, joint tenancy is usually used by married couples or cohabiting partners who both want an equal share in the property and want to be able to inherit the other tenant’s share if he or she dies.
Tenancy in Common (TIC) When co-buyers hold a title as tenants in common, shares of the property can be divided equally or unequally. If a co-buyer dies, their ownership passes along to their designated heir. Unlike Tenancy in Common, co-owners must receive approval before selling any property shares.
Next, you’ll need to see if your ownership with your partner is tenancy in common (TIC) or joint tenancy. Oldham explains, “If you and your partner have tenants in common ownership, you can decide to sell your interest in the property without needing the other owner’s permission or approval.”.
Tenancy In Common. When co-buyers hold a title as tenants in common, shares of the property can be divided equally or unequally. When a tenant in common passes away, their ownership is bequeathed to their designated heir. Tenancy In Severalty. Tenancy In Severalty.
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