Tenants In Common Rights
Where property is concerned, there are many kinds of title ownership that a person can have. The kind of title ownership that a person has of a property will have impact not only on the legal ownership of the said property, but also how the ownership of the property is transferred once the person dies. |
One of the many kinds of ownership that a person can have of a property is tenants in common. This kind of ownership is apt for a property wherein the shares in the property are not divided equally between multiple owners. (See Reference 1)
Tenants in common is way for multiple people to own a property. There is no restriction on the number of people who can own the title in this kind of ownership. The only thing is that there should 2 or more people holding the title. The owners do not have to be related or be family members; they can be business partners or even friends. In this kind of ownership, the different owners have different proportion of shares in the property. It is not necessary that the ownership has to be divided equally. (See Reference 1)
Now that we know about what is tenants in common, let us look at the tenants in common rights as well as responsibilities. This kind of ownership allows access to all owners in spite of of the proportion of share each owner has. The property can be used by one owner for living, or all the owners can share the property for living. No owner has the right to exclude other others from the property. If a tenant in common is excluded from the property, then he or she has the right to get compensated for the period that he or she was excluded from the property. (See Reference 1)
If the property is used for commercial purposes, then the income from the property is shared as per the percentage of the ownership. For instance, if there are 2 tenants in common and the property ownership is 75-25, then one tenant will get seventy-five percent of the income generated by the property, while the other will get twenty-five percent. (See Reference 1)
All taxes and mortgages on the property have to be shared by the tenants in common. Just like the income is shared, even the expenses incurred on the property are shared based on the percentage of the ownership each person has in the property. (See Reference 1)
When one of the tenants in common dies, the beneficiary mentioned in the will assumes the ownership. Also, tenants in common ownership can be dissolved if one of the tenants purchases the shares of the other tenants. Alternatively, all the tenants can decide to sell the property and share the money amongst themselves based on the ownership percentage. (See Reference 1)
More Articles :
 |
Tenants In Common Rights
When a property is rented out, invariably it is common for the landlord to hold on to one set of keys so that they can gain entry into the property should the need arise. Most tenants are uncomfortable knowing that the landlord holds a set of keys and can come into the premises at any time. (See Reference 1) So, what happens when a commercial property is rented out? Can commercial tenants change the locks? 
