Tenant in common意思
"Tenant in common" is a legal term used in property law to describe the ownership of real estate by two or more individuals, each of whom has an undivided share in the property. Unlike a joint tenancy, where the ownership is "right of survivorship" (meaning that if one owner dies, their share passes to the surviving owners), a tenant in common does not have this feature.
When a property is owned by tenants in common, each tenant has the right to use the entire property, but their share can be bequeathed or sold separately from the others. For example, if two friends own a house as tenants in common, each with a 50% share, and one of them dies, their 50% share will pass to the person named in their will or according to the laws of intestacy, rather than automatically going to the surviving tenant.
The key characteristics of a tenant in common are:
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Undivided Share: Each tenant has a share of the property, but the share is not a specific part of the property. All tenants have the right to use the whole property.
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Separate Ownership: Each tenant owns their share separately and can deal with it as they wish during their lifetime, including selling, gifting, or bequeathing it.
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No Right of Survivorship: Upon the death of a tenant in common, their share does not automatically pass to the surviving tenants; it forms part of their estate and can be inherited by anyone they designate in their will or through intestacy laws.
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Equal Rights: All tenants in common have equal rights to possess and use the property, regardless of the size of their individual shares.
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Partial Interest: It's possible for tenants in common to own different percentages of the property. For example, one person might own 60% and another 40%.
The terms "tenant in common" and "tenancy in common" are used interchangeably, and the concept is recognized in many common law jurisdictions, including the United States, the United Kingdom, and other countries with legal systems based on English law.