Tenancy In Common

Tenancy in common involves 2 or more property owners. Tenants in common may own equal or unequal shares of a property (e.g. quarter share, half share).

There is no right of survivorship and a tenant in common may will his or her share of the property to anyone. Therefore, that person’s share of the land goes to his or her estate and does not automatically transfer to the other

property owner(s). A tenancy in common may also be terminated by agreement between the parties to sell one tenant’s interest to another tenant, to sell to a third party or to sell by court order. The purchaser of that tenant’s

share then becomes a tenant in common with the other existing owner(s) of the property.

Example: 

Six friends purchase a recreational property as tenants in common. Janice, one of the owners, decides to sell her interest in the property. Brendan, another owner, decides to purchase her interest in the property. As a result, Janice terminates her agreement with the other owners and Brendan increases his ownership interest in the property.