BizTerm Definition
tenancy in common
Full Definition

A way two or more people can own property together. Each can leave his or her interest upon death to beneficiaries of his choosing instead of to the other owners, as is required with joint tenancy. Also, unlike joint tenancy, the ownership shares need not be equal. In most states, each tenant in common may encumber only his share of the property, so that the other share is debt-free. In some states, two people are presumed to own property as tenants in common unless they've agreed otherwise in writing.

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