What is a tenancy in common?

A tenancy in common is a form of property ownership in Virginia. It allows two or more people to share ownership of a single piece of real estate. Each co-owner of a tenancy in common has an undivided interest in the entire property with the right of survivorship. This means that if one of the co-owners passes away, their interest in the property passes to the surviving co-owners. While tenancy in common owners are technically able to use the whole property, they cannot legally exclude the other owners from using it as well. Co-owners of a tenancy in common can have different ownership interests. This means that one person may own a larger share than the others. Additionally, tenancy in common owners all have the right to transfer their share of the property to another person, either by sale or by will. This is in contrast to a joint tenancy, where co-owners must hold the same share and cannot transfer it. Tenancy in common can be a great way for two or more people to own property together. It allows co-owners to have different amounts of ownership interest in the property, as well as the ability to transfer their share. This type of co-ownership is an important part of property law in Virginia.

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What is a tenancy in common?

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