Definition Tenants In Common

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Definition Tenants In Common


Apartment Listing  

A tenant is a person who stays in a house by paying a specific amount as rent to a landlord and also signs a rental agreement, which involves a period of notice that can be served by either party before vacating the premises. Any tenant who has agreed to pay an advance and rent becomes a tenant by definition.

However, the word tenant in common has a little different meaning and that is the person who is the tenant has an equal right or ownership to the property or legal common area that is being shared. Sometimes the landlord and the tenant may share equally or it can also be unequal shares. However, the same may be mentioned in the legal agreement. But the rules that apply to tenants in common are much different than joint holders of property. In joint holders of property, if one person dies, the property rights get automatically transferred to the survivor. In the case of tenants in common, the property rights cannot get transferred to any survivors and instead the property of his or her share goes to the estate.

However, in the case of tenants in common, either of the parties can sell their share to each other or elsewhere. In their case they have a share in the property that is not divided among co-tenants. Also, as long as the tenant in common agreement lasts nobody can actually say who the right owner of the property is. In addition, the size of the share is fixed for either of the co-tenants and even in case one of them dies, their property goes off to an estate and is not given to the other tenant.

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Definition Tenants In Common

 
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Do-Owners-As-Tenants-In-Common-Have-Equal-Voice-In-Ownership      The owners or tenants in common have equal right over the property that they share individually. Tenants in common means two parties are sharing a single property with equal rights. However, the shares may differ. One person may own more than the other in the same property but the rights are not decided based on who owns more or less. More..



 
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Definition Tenants In Common