What does tenants in common mean? | Freilich Law | Michael Freilich | freilichlaw.com | (410) 321-0040
When two people own the same property, on the death of one, that person’s interest goes to his or her heirs and/or descendants. It means that one person could mortgage his own piece of the property. He could sell his piece of the property or she could sell her piece of the property, and they have different rights with it. They could even rent it. Typically it doesn’t work well for single family residence, although I’ve seen people make it work. What’s interesting is that sometimes people who are non-married partners will buy the property together, and then it becomes problems when they want to split or who pays the mortgage? Who has what obligations? For that, you typically need a tenancy in common agreement.
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