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RealEstate^*
Eileen M. Day realtor TENANCY IN COMMON
You intend to purchase investment property with other investors, however, you would like your share to be inherited by your family at your death. What is the best from of ownership? The answer is tenancy in common.
A tenancy in common is the coownership of a single piece of real estate in which two or more owners hold separate title to the same property, each separate estate being inheritable. Unlike joint ownership, upon the death of a tenant (owner), his interest passes to his heirs and not to the surviving tenant or tenants.
The interests in a tenancy in common need not be acquired at the same time or by the same deed or conveyance, and need not be equal in size. The result is that each tenant in common holds an individual part of the whole and that no tenant in common holds the whole as in the joint tenancy.
Eeach tenant in common may dispose of his interest by deed or will and upon death, his interest passes by law to his heirs.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House. Washington, Va. 22747. Phone: 675-3400. We’re here to help.
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