Best Buy Mortgages Glossary - Tenants in Common
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Tenants in Common
This is one of two main ways of owning property if you are a
couple, the other being as joint tenants. Tenancy in common is
an arrangement in which two or more people have the right to
possess a property but where the ownership is specifically
apportioned. In legal terms there is a difference between right
of possession and right of ownership.
A couple may own their home as tenants in common on an evenly
split 50/50 basis. On the death of one partner, that person's
half share of the property passes to his/her heirs and
descendants as specified by his/her will (or by the rules of
intestacy if there is no will). The share owned by the surviving
partner does not change whereas in a joint tenancy sole
ownership of the property would devolve onto the survivor.
Ownership as tenants in common will require you to specify the
proportion of the property that is owned by each of the parties
to the agreement.
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