Tenancy in Common

This refers to property owned concurrently by two or more persons, called tenants.

The following conditions apply to Tenancy in Common:

Tenants do not need to share equally in the ownership of the property.
Tenants are free to dispose of or sell their portions of the property without the other tenants’ knowledge or consent.
Tenants are treated as sole owners of their portions of the property for tax purposes.
Tenants are obliged to pay expenses for maintenance and operation of the property in proportion to their ownership of the property.

Note: Do not confuse Tenancy in Common with Tenancy by Entirety.