Deed Tenants In Common Definition
Description
How to fill out Pennsylvania Warranty Deed For Husband And Wife To Husband And Wife As Tenants In Common?
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FAQ
If you are tenants in common, your Title Register Document will contain the following, or similar, phrase: 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 order of the court.
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. For example, you and your partner/significant other may each own 25% of a property, while your third roommate might own 50%.
These are sometimes referred to as joint interest or interest in common in relation to real property. A tenancy in common agreement can be an important estate planning tool.
Although tenancy in common might seem like a favorable option for owning real estate, there are several disadvantages that you need to be aware of. Joint liability, the lack of right of survivorship, and more could make this kind of arrangement risky.
Tenancy in Common (TIC) is a legal arrangement in which two or more parties share ownership rights in a real estate property or parcel of land.