Tenancy In Common
Definition of "Tenancy in common"
Ownership of property by two or more people in undivided interests, without the right of survivorship. Each coowner's interest may be conveyed separately by its owner. Tenancy in common dissolved by conveyance of a co-tenant interest to another new tenancy in common is created between grantees and remaining co-tenants. In the event that one of them dies, his or her interest passes by a will to his or her devises or heirs by intestate succession and not to the other tenants in common.
Popular Real Estate Terms
Person who will become the beneficiary if the original beneficiary dies before the insured. It is the policyholder's second election as beneficiary, dependent on the status of the primary ...
Legally executed and witnessed document giving another the power to act as one's attorney or agent in handling real estate dealings. The power may be general or specific. The power of ...
Whenever you hear the term “Baby Boomer” it references to someone who was born between 1946 and 1964. The moniker was coined as a way to represent all the people that were born ...
One to whom a gift or bequest is made. ...
Same as term graduated lease: A rental stipulation a varying rental rate. Rental rate are determined tied to periodic appraisals or an inflation or an inflation index. The provision is more ...
Method of appraising real estate based on the market comparison of neighboring properties having similar characteristics. Seeks to answer the question: What would it cost to substitute a ...
Insects that destroy the support wood in the structure of a building. Termite inspection should be periodically performed to detect their existence. If an infestation is confirmed, the ...
Considering future occurrences that may possibly arise. ...
An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...
Have a question or comment?
We're here to help.