Which of the following best describes tenancy in common?
Correct Answer
B) Co-owners may hold unequal shares and there is no right of survivorship
Tenancy in common is a form of co-ownership in which each owner holds a separate, divisible interest in the property. Interests may be equal or unequal, and there is no right of survivorship — when a tenant in common dies, their share passes to their heirs or through their estate, not automatically to the other co-owners. Each co-owner may also freely sell, transfer, or mortgage their individual interest without the consent of the others.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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