What is a tenancy in common?

A tenancy in common is a form of property ownership in Florida. It is a legal agreement between two or more people for the rights to use and enjoy a piece of property. When two or more persons hold title to the same piece of property, it is presumed that they hold title as tenants in common unless the document specifically states otherwise. Tenancy in common is a form of undivided ownership of real estate. This means that all co-owners share an undivided interest in the property and have the right to possess, use, and benefit from the property’s full value. No individual has exclusive possession of the property and all co-owners have equal rights to possession. In tenancy in common, each individual owner can transfer their interest in the property to someone else without the consent or agreement of the other co-owners. This form of ownership allows co-owners to leave their share of the property in their will to their chosen heirs or beneficiaries. A tenancy in common differs from other forms of property ownership in that it does not provide the right of survivorship. This means that when one of the owners passes away, their interest in the property is not automatically passed on to the other owners, but instead, is passed on according to the deceased’s will or state intestacy laws.

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What is a tenancy in common?

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