Deed Tenants In Common Language
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
Tenancy in common (TIC) is a legal arrangement in which two or more parties jointly own a piece of real property, such as a building or parcel of land. The key feature of a TIC is that either party can sell their share of the property while also reserving the right to pass on their share of the property to their heirs.
That tenancy in common, the method of transferring the land by that principle, is the finest security these young people could have.
The only necessary unity for the existence of a tenancy in comman is the unity of possession. Tenants in common enjoy no rights of survivorship and their interests as tenants in common pass, at time of death, as assets of their estates.
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 common."
In order to create a joint tenancy with rights of survivorship, the deed must clearly reflect the survivorship intention. If it does not, Jack and Jill will take title as set forth below. The preferred language is "Jack and Jill, as joint tenants with full rights of survivorship".