tenancy in common, what kind of lawyer?

If you are unsure whether a tenancy in common can be a beneficial strategy for your estate plan in Florida, consult with a St. Petersburg estate planning attorney. Contact Legacy Protection Lawyers, LLP, to discuss potential pros and cons of being a tenant in common in your particular case. Call at 727-471-5868.

Full Answer

Do I need a lawyer for tenancy in common?

A lawyer can help during any step of the tenancy in common process, even before an agreement is made. They can assist in drafting the agreement, handle distribution of property shares, and represent you in court should any disputes arise from the agreement.

What does tenancy in common mean in law?

Tenancy in Common. Overview. A tenancy in common (TIC) is one of three types of concurrent estates (defined as an estate that has shared ownership, in which each owner owns a share of the property). The other two types are a joint tenancy and a tenancy by the entirety. A TIC typically has no right of survivorship.

What are the different types of tenants in common?

The other two types are a joint tenancy and a tenancy by the entirety. A TIC typically has no right of survivorship. This means that if A and B are tenants in common of Blackacre, and A dies, A's share does not to go B.

What are the responsibilities of co-owners in a tenancy in common?

Each co-owner in a tenancy in common also has a responsibility of maintenance, upkeep, taxes, and other costs of owning the property equal to their percentage of ownership. For example: Jane owns a 50 percent share of a tenancy in common, with Bob owning a 25 percent share, and Adam and Ronald owning 12.5 percent each.

What are cons to a tenants in common?

Disadvantages of Tenants in Common All tenants have equal right to possession. The main problem with Tenants In Common is that the other tenant(s) can do whatever they want with their interest in the property. One of the co-owners could take out a loan on his/her interest in the property.

What is the advantage of being tenants in common?

One benefit of buying a home with a tenants in common agreement is that it may make it easier for you to get a home. Dividing up the necessary deposits and payments while splitting the cost of maintaining the property can make it more cost effective than just buying property alone.

What is true about tenants in common?

Tenancy in common (TIC) is an arrangement in which two or more people have ownership interests in a property. Tenants in common can own different percentages of the property. Tenants in common can bequeath their share of the property to anyone upon their death.

What is the most common type of tenancy?

Joint tenancy with rights of survivorship (JTWROS): Joint tenancy is the most common type of property ownership for married couples, where both parties share undivided ownership – they both have equal rights to use the property with equal liability and financial responsibility for the property.

Can a surviving tenant in common sell the property?

If you hold your property as tenants in common and wish to sell the property following the death of your partner, as the property's legal owner, you have the right to do this. You can appoint an additional trustee in place of the deceased owner to give good receipt for purchase monies and enable the sale to proceed.

Does a will override tenants in common?

In the case of a husband and wife who own their property as tenants in common, they will be deemed to own 50% each. With this type of ownership, there is no right of survivorship, so the property does NOT automatically pass to the surviving owner but instead will pass according to the deceased owner's Will.

Do title deeds show tenants in common?

The Title Register Document will show the names of the people that own the property and, if you are tenants in common will also have wording similar to: "No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an ...

What do you do when a tenant in common dies?

When you die, the property automatically passes to the surviving joint tenant under the Right of Survivorship. A property owned as Joint Tenants cannot be passed under the terms of your Will. Instead, the Right of Survivorship will apply regardless of what your Will states.

Can I sell my share of tenants in common?

Each owner, or tenant in common, may control an equal share or a different percentage of interest in the property. Tenants in common have a right to leave their share to a beneficiary as a portion of their estate and they can sell, trade, or give their share to anyone they wish.

Is it better to be joint tenants or tenants in common?

If you are buying with your partner, Joint Tenancy may be the better option. Joint Tenancy ensures that, in the event one owner dies, their ownership of the property passes automatically to the other owner. This is called Right of Survivorship. This process also avoids probate and inheritance tax issues.

Is probate required for tenants in common?

Do Tenants in Common have to go through Probate? Yes, you'll still need to go through Probate after a tenant in common dies. This is because their share of the property is part of their Estate, so someone will still need to apply for the legal right to deal with the Estate and all its assets.

Can you change tenants in common percentage?

A tenancy in common is another form of joint ownership, but sees each buyer own a specific share in the property. That could be an equal 50/50 split, or shares can be divided up in a different way. The ownership split can also be changed at any time should the circumstances of the owners change.

Can tenancy in common be dissolved?

Yes, and it can happen in a number of ways. One or more of the people involved may buy out others and the tenancy in common is dissolved. Or, if th...

What are the responsibilities of tenants in common?

Nothing out of the ordinary is required of tenants in common except for the usual homeowner responsibilities such as property tax, mortgage payment...

What happens when a tenant dies?

It’s important to note that the other tenants in the agreement do not automatically gain ownership of the property that was owned by the deceased t...

What are the disadvantages of tenants in common?

Some of the disadvantages being tenants in common is the fact that all parties involved are responsible for monthly bills and any other property pa...

What is conveyance in property law?

Conveyance. Property law can be particular with the language required to make certain conveyances of property. To convey property to two parties as tenants in common, property law prefers this language: "O conveys X property to A and B as tenants in commom.". Further, if a conveyance does not explicitly show an intent to create a right ...

Does a conveyance create a right of survivorship?

Further, if a conveyance does not explicitly show an intent to create a right of survivorship, and it is unclear as to whether the conveyor intended to create a tenancy in common or a joint tenancy, courts will typically interpret the conveyance as creating a tenancy in common, rather than a joint tenancy.

What is a tenancy in common?

A tenancy in common applies to two or more co-owners of property and is considered by some to be the most flexible type of tenant agreement for the purposes of transferring property as an owner wishes to transfer it. In Massachusetts, it is the default form of title that non-married people take. In a tenancy in common, the owners are allowed ...

What is the difference between a joint tenancy and a tenancy in common?

One of the critical differences between a tenancy in common and a joint tenancy is that a joint tenancy has survivorship rights, but a tenancy in common does not. When one tenant in common dies, his or her interest passes to heirs. In contrast, if a joint tenant dies, the interest passes to the other joint tenants.

What happens to a joint tenant when he dies?

In contrast, if a joint tenant dies, the interest passes to the other joint tenants. Since the property passes to heirs, it has to be probated. Many people want to avoid probate because it is expensive and takes time, and for these people joint tenancy may be a better option.

How does each owner end his or her relationship with the others?

Each owner can end his or her relationship with the others by transferring the interest to another person, who then becomes a tenant in common with the others.

What rights do owners have in common?

The right the owners do need to have in common is the right of possession. However, each owner is only responsible for a proportionate share of expenses, taxes, and repairs. Each owner may sell or transfer his or her interest in the real estate without the others' consent.

Can you take title to a house individually?

If you are an individual, the only choice is to take title individually. However, for married couples or friends buying a house together, there are three main ways that they can hold title to real estate: tenancy in common, joint tenancy, and tenancy by the entirety. Each of these different forms of title comes with different rules related ...

Can a non-married person own a quarter of a house in Massachusetts?

For example, one person can own a quarter of a house, another person can own half of the house, ...

What is the third benefit of tenants in common?

A third benefit is that you do not have to agree on how the asset will be passed on in the event of one party’s death. It will simply pass to whomever that particular party has designated. This makes tenants in common a sensible approach for unrelated parties.

What is the first question to ask when buying a property?

One of the first questions you’ll need to resolve is how you’ll hold title to the property. One way of holding title is as “tenants in common” (TIC). What are tenants in common and what are the advantages of this form of ownership?

Can you sell your share of a property without the other party's consent?

As mentioned above, one benefit to tenants in common is that you can sell your share without the other party’s approval or consent. You can also sell your share, even if the other portion is held up in probate or some other dispute.

Can you own a house with more than one person?

When more than one person owns a piece of real property, they can own it together as tenants in common. This gives each “owner” the undivided right to their interest (percentage) of the property, but to their interest only. So, for example, say you decide to buy a house with your best friend, and you each put up 50 percent of the equity.

Can you buy a property as a tenant in common?

It’s important to know that matters related to real estate have to be in writing, so if you and your friend decide to purchase a property as tenants in common, an oral agreement will not suffice. You can access our Tenants in Common Agreement, customize it for your state and personal situation, and download and print it right now. Even if you’re not ready to pull the trigger, you can print it out and use it as a guide as you consider your options. There are other ways to title property as well, so make sure you are familiar with the pros and cons of each type of ownership.

What is the difference between a joint tenancy and a tenancy in common?

With joint tenancy, when someone dies, the other remaining tenants inherit their interest in the property. It’s important to note that a joint tenancy also allows owners to sell their interests (while living, of course).

What is tenancy by the entirety?

Tenancy By The Entirety: This form of ownership is only available to married couples and means the property may not be sold without the agreement of both people. In addition, if one of them dies their interest reverts to their spouse.

Why do people buy houses as tenants in common?

One benefit of buying a home as tenants in common is that it may make it easier for you to get a home. Dividing up the necessary deposits and payments and splitting the cost of maintaining the property can make it more cost effective than just buying property alone. In addition, sometimes the money-borrowing capacity of one person may be different from another and a tenancy in common allows for combining and streamlining that process. Still, there are some drawbacks as well. Let's take a look at a few pros and cons when it comes to a tenancy in common.

What does "tenancy in severalty" mean?

Tenancy In Severalty: Sounds severe, right? Well the name is a bit deceiving because all this means is that ownership is by one person or a corporation.

Do all owners of a joint tenancy have the same interest?

To be more specific, each owner must have the same interest in the property, all owners must hold an undivided interest, all owners must receive their interest at the same time, and all owners must acquire their interest with the same deed. Unlike tenancy in common, if one owner of a joint tenancy dies, their interest goes to the other owners.

Can you buy out someone and a tenancy in common?

Yes, and it can happen in a number of ways. One or more of the people involved may buy out others and the tenancy in common is dissolved. Or, if the tenants have different visions on how to use the property or whether to sell it, they must work together to agree how to move forward. If they just can't agree, a partition action (dividing up the property and ownership) may be the next step.

Do you own the backyard and your tenant in common owns the front yard?

So, you might be thinking, “Does that mean I own the backyard and my tenant in common owns the front yard? And which bathroom is mine?” Well, it doesn’t exactly work that way. When two or more people own property as tenants in common, all areas of the property are owned equally by the group, even if tenants have a different share of the ownership.

What is a tenant in common?

The legal term “tenants in common” refers to a form of ownership in which two or more people own separate shares of the same real property. In tenants in common circumstances, each person holds an individual, undivided ownership interest, which gives them an equal right to use the property or transfer their ownership interest. Any of these actions must be done through tenants in common agreement, rather than a deed other type of real property conveyance. To explore this concept, consider the following tenants in common definition.

What is the responsibility of each co-owner in a tenancy in common?

Each co-owner in a tenancy in common also has a responsibility of maintenance, upkeep, taxes, and other costs of owning the property equal to their percentage of ownership.

How is a tenancy in common created?

A tenancy in common is created through the use of a contract called a “tenancy in common agreement,” the property deed only showing each tenant in common’s ownership percentage. Ownership interests in a tenancy in common may be bought and sold like any other investment opportunity. Because of this, individual tenants in common do not necessarily ...

What is tenancy by entirety?

In direct opposition to the fractional ownership of tenants in common, tenants by entirety specifies that spouses own a property together, as a single entity. One advantage of a tenancy by entirety is that creditors attempting to collect a debt owed by one spouse cannot place a lien on, or sell the property to satisfy the debt.

How to dissolve joint tenancy?

In the event a co-owner of a property held in joint tenancy with right of survivorship wishes to dissolve the joint tenancy, he may file a petition to partition with the court. This may be done if the co-owner wants to leave his share of the property to someone other than the other co-owner (s). If the court grants the petition to partition the property, the property may be split into separate parcels, each co-owner receiving a part of equal value. Alternatively, the property may be sold, an equal portion of the proceeds to go to each co-owner.

What are the rights and responsibilities of a tenant in common?

Rights and Duties of Tenants. Tenants in common have a right to unrestricted access to the entire property, regardless of the percentage each owns. If the property earns income, each co-owner has a right to a percentage of the income equal to their percentage of ownership. Each co-owner in a tenancy in common also has a responsibility ...

What is the difference between a tenant and a joint tenant?

The first difference is that tenants in common may own shares of different sizes, and may obtain their shares at different times.

What is a Joint Tenancy?

All owners of the real property are indicated on the title and each owns an equal an undivided interest in the property. There is a right of survivorship among owners. The interests of all owners are unified, so that when one owner passes away the other owners acquire the deceased owners interest.

What is a Tenancy in Common?

Each owner owns a specific percentage of the property. This percentage of ownership is separate from other owners interest. The ownership interest is not unified; rather, it is divisible. Any owner can sell her ownership interest and there is no right of survivorship. If the owner passes away, her ownership interest passes to her heirs and assigns.

What is a Tenancy by the Entirety?

This is a method of joint ownership in property by married spouses. Each spouse owns and equal and undivided interest in the real property. There is a right of survivorship, so either spouse will inherit complete ownership of the property when the other spouse passes. The land passes automatically without having to go through probate.