What is a tenancy in common?

A tenancy in common is a type of property ownership in North Carolina. With a tenancy in common, two or more people each have an undivided ownership interest in the property. This means that each co-tenant owns a percentage of the total property and can sell or dispose of their interest without the consent of the other tenants. The benefit of this type of ownership is that it allows multiple people to share responsibility and benefit from the property. Each tenant in common is responsible for paying taxes, maintenance, or other costs associated with the property. Furthermore, each tenant can freely dispose of their own interest without the other co-owners’ consent. Upon the death of a tenant in common, their interest will pass to their estate, and then to the beneficiaries stated in the deceased’s will. However, if the deceased does not have a will, their interest will pass to their heirs according to North Carolina’s intestate laws. It is important to note that tenants in common are not liable for debts or other obligations associated with the other tenants in common’s ownership interests. Furthermore, tenants in common do not have the right to possess the whole property; each tenant will have an undivided interest in the property. In the case of a dispute, North Carolina law and courts will handle the dispute.

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