Tenancy in common is a way for two or more people to jointly own property, each holding a specific share. Unlike joint tenancy, ownership percentages can be unequal, and each co-owner can sell, mortgage, or transfer their share independently.

Pros:

• Flexibility: Owners can hold different ownership percentages based on their contribution.
• Transferability: Shares can be sold or gifted without consent from other owners.
• Estate Planning: A co-owner’s share passes to their heirs, not automatically to other owners, allowing for personal estate planning.

Cons:

• Disagreements: Decisions about the property must often be negotiated among owners, which can lead to conflicts.
• Financial Liability: Each co-owner is responsible for their share, but some costs (like property taxes or maintenance) may require coordination.
• Selling Complications: If one owner wants to sell, it can complicate transactions for the others.

Is Tenancy in Common Right for You?

Tenancy in common offers flexibility and estate planning advantages, but it also requires a clear, written agreement to outline responsibilities, decision-making processes, and exit strategies. Without this, misunderstandings between co-owners can create unnecessary stress.

Have any questions or need assistance? Contact KC Notary & Co. today to schedule a consultation. Our team can help you draft clear agreements and navigate the legal requirements, so your property ownership remains smooth and stress-free.