You need to know – What is tenancy in common?

YouNeedToKnowWeb500Tenancy in common (also known as estate in common) is a fee simple estate held by 2 or more persons where each person has an undivided interest in the whole property

The shares that each has in the ownership may be equal or unequal

All owners have equal rights of use and possession

An owner may sell his or her interest in the property without the consent of the other owners and and without affecting the rights of the other owners

An owner may leave his or her interest in a will; if the owner dies intestate (without leaving a will) the interest will descend to the owner’s heirs