tenancy in common

American  

noun

Law.

1. a holding of property, usually real, by two or more persons with each owning an undivided share and with no right of survivorship.

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Etymology

Origin of tenancy in common

First recorded in 1760–70

Example Sentences

“However, community property can be changed to a tenancy in common via divorce proceedings to allow each co-owner the ability to transfer their shares to heirs.”

From MarketWatch

Stone & Sallus, a law firm in El Segundo, Calif., gives an example: “Owner A and Owner B share ownership of a property in a 60/40 split, which is a tenancy in common. Owner A dies, leaving their shares to their children,” it says.

From MarketWatch

“This creates a new tenancy in common arrangement in which the children would be given equal shares to one another, but would still be tenants in common with Owner B.”

From MarketWatch

With tenancy in common, there is no survivorship rule, and he could own a certain percentage of the property.

From MarketWatch

She also visited some small studios and considered purchasing a TIC, or Tenancy in Common, where buyers purchase a share in a corporation that owns a building.

From Los Angeles Times